New Zealand Gazette – 2008 – No. 56

Page 1592

✨ Financial Statements Notes



THE LINES COMPANY LIMITED - LINES BUSINESS ACTIVITY

NOTE 13: FINANCIAL INSTRUMENTS - CONTINUED

The following interest swap contracts were in place at balance date:

Notional Amount Reset Date Fixed Rate Receivable Expiry Date
Receive floating - Pay fixed interest swap $1,000,000 Monthly 6.60% 2 April 2007
Receive floating - Pay fixed interest swap $1,000,000 Monthly 6.65% 1 April 2008
Receive floating - Pay fixed interest swap $3,000,000 Monthly 6.70% 1 April 2009

Under interest rate swap contracts the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts.

| | 2007
| | $'000' |
|----------------|--------|
| | 2006
| | $'000' |

NOTE 14 : PROVISION FOR STAFF ENTITLEMENTS

Employee entitlements

186
158

The provision for employee entitlements includes accrued wages, bonuses, accrued holiday pay, long service leave, sick leave, trainee bonds and gratuities. Where settlement is greater than one year, the item’s) is discounted using the group’s weighted average cost of capital.

The directors consider that the carrying amount of the provision for staff entitlements approximates to their fair value as most of the entitlement is due to be settled within one year.

NOTE 15 : ODV RECONCILIATION

System fixed assets at ODV (at end of the previous year) 98,940
97,389
New revaluation of system fixed assets (previous year) -
System fixed assets at ODV (beginning of year) 98,940
97,389
System fixed assets acquired during year at ODV 7,405
5,562
System fixed assets disposed of during year at ODV -
Depreciation on system fixed assets at ODV (4,191)
(4,011)

| Revaluations of systems fixed assets | - |

System fixed assets at ODV (at end of the current year) 102,154
98,940

As at 31st March 2004 the ODV valuation of the lines business as certified by PricewaterhouseCoopers was $97,003,343. Included in that valuation was a generator truck with DRC of $132,322 and strategic stores of $470,910, which have been accounted for as inventory and plant at their financial value in these accounts.

NOTE 16 : SHARE CAPITAL

Issued and fully paid (number of shares)

13,163,120
13,163,120

Number of shares held by:

Waitomo Energy Services Customer Trust 9,872,340
King Country Electric Power Trust 3,290,780
13,163,120
13,163,120


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 56


Gazette.govt.nz — PDF NZ Gazette 2008, No 56




✨ LLM interpretation of page content

💰 Notes to the Financial Statements for The Lines Company Limited (continued from previous page)

💰 Finance & Revenue
Financial Instruments, Interest Swap Contracts, Employee Entitlements, ODV Reconciliation, Share Capital