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Notes to Financial Statements - Guinness Peat Group plc

GPG FINANCE PLC1 715. Financial instruments - continuedMaturity of financial liabilitiesThe maturity profile of the Company’s financial liabilities is shown below:31 December 2005 2004NZ$NZ$Within one year 248,693,260 –In one to two years – 246,838,238In more than two years but not more than five years 211,574,487 210,307,707460,267,747 457,145,945Fair value of financial assets and financial liabilitiesThe fair value of the Company’s financial assets and liabilities is summarised below:31 December 2005 2005 2004 2004Book value Fair value Book value Fair valueNZ$ NZ$ NZ$ NZ$Cash at bank 901,219 901,219 898,606 898,606Short term debtors 19,280,668 19,280,668 15,603,959 15,603,959Loan to parent company 445,390,991 465,547,687 445,390,991 472,955,054Capital Notes (460,267,747) (462,102,285) (457,145,945) (472,689,481)Other short term creditors (3,719,962) (3,719,962) (3,655,564) (3,655,564)The fair value of the Capital Notes is based on their market value. The fair value of the parent company loan is determined bydiscounting the future cash flows using the discount rate implicit in the market value of the Capital Notes.The fair value of the cash at bank has been assumed to approximate to its book value because of the short maturity of theyear-end balances.16. Related PartiesThere were no transactions with entities that are part of the Guinness Peat Group or investees of the Guinness Peat Groupother than as disclosed in these financial statements.17. Controlling PartiesThe Company is controlled by GPGUKH, a company incorporated in the United Kingdom and registered in England and Wales,which owns 100% of the issued share capital.The ultimate parent company of the Company is GPG, a company incorporated in the United Kingdom and registered inEngland and Wales. Copies of the accounts of GPG are available from the Company Secretary, First Floor, Times Place, 45 PallMall, London SW1Y 5GP, England.GPG is the parent undertaking of the smallest and largest groups respectively to consolidate the Company’s financialstatements.

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