Meridian Annual Report - Meridian Energy

72
Meridian Energy Limited — Notes to the Financial Statements (continued)
23. Derivative Financial Instruments (continued)
The table below shows the movements in the cash flow hedge reserve for the period.
Group and Parent
FEC’s
$’000
Debt – CFH
of margin
$’000
CFD’s
$’000
Tax
$’000
Total
$’000
Opening Balance at 1 July 2006 7,626 5,520 9,079 (7,334) 14,891
Amount Recognised in Equity (12,317) (6,605) 10,672 - (8,250)
Amount Removed from Equity
- Electricity Sales/Costs - - (8,714) - (8,714)
- Included in Initial Cost of Assets (1,980) - - - (1,980)
- Deferred Taxation - - - 6,369 6,369
Closing Balance at 30 June 2007 (6,671) (1,085) 11,037 (965) 2,316
Ineffectiveness Recognised in the
Income Statement from Cash Flow Hedges - (21) - - -
Group and Parent
FEC’s
$’000
Debt – CFH
of margin
$’000
CFD’s
$’000
Tax
$’000
Total
$’000
Opening Balance at 1 July 2007 (6,671) (1,085) 11,037 (965) 2,316
Amount Recognised in Equity 117,181 1,391 1,393 - 119,965
Amount Removed from Equity
- Electricity Sales/Costs - - (71,829) - (71,829)
- Included in Initial Cost of Assets (86,206) - - - (86,206)
- Deferred Taxation - - - 11,402 11,402
Closing Balance at 30 June 2008 24,304 306 (59,399) 10,437 (24,352)
Ineffectiveness Recognised in the
Income Statement from Cash Flow Hedges - 8 - - -
The table below shows when the amounts held in the cash flow hedge reserve are expected to impact the profit and loss account.
Group and Parent – 2008
Less than
1 year
$’000
1-2 Years
$’000
2-5 Years
$’000
Greater than
5 Years
$’000
Contracts for Differences (48,228) (6,337) (4,411) (423)
Cross Currency Interest Rate Swaps - - (239) 545
Total (48,228) (6,337) (4,650) (122)
Group and Parent – 2007
Less than
1 year
$’000
1-2 Years
$’000
2-5 Years
$’000
Greater than
5 Years
$’000
Contracts for Differences 2,893 2,419 6,160 (435)
Cross Currency Interest Rate Swaps - - (541) (544)
Total 2,893 2,419 5,619 (979)