Endeavour Energy Annual Performance Report - Parliament of New ...
Endeavour Energy Annual Performance Report - Parliament of New ...
Endeavour Energy Annual Performance Report - Parliament of New ...
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
09<br />
Financial<br />
statements<br />
Notes to the Financial Statements<br />
For the year ended 30 June 2011<br />
21 Financial Instruments continued<br />
(g) Fair values<br />
Fair values versus carrying amounts<br />
The fair values <strong>of</strong> financial assets and liabilities, together with the carrying amounts shown in the Statement <strong>of</strong> Financial<br />
Position, are as follows:<br />
2011 2010<br />
Note<br />
Carrying<br />
amount<br />
$’000<br />
Fair value<br />
$’000<br />
Carrying<br />
amount<br />
$’000<br />
Fair value<br />
$’000<br />
Assets carried at fair value<br />
Treasury derivatives – interest rate swaps 2(p) – – 298 298<br />
Treasury derivatives – options 2(p) 1,149 478 1,376 1,376<br />
Electricity derivatives – swaps 2(p) 1,232 1,232 2,275 2,275<br />
Electricity derivatives – options 2(p) – – 68,596 68,596<br />
Electricity derivatives – retained contract receivable 2(p) 52,595 52,595 – –<br />
54,976 54,305 72,545 72,545<br />
Assets carried at amortised cost<br />
Cash and cash equivalents 2(g) 3,288 3,288 30,355 30,355<br />
Trade and other receivables 2(h) 221,245 221,245 309,965 309,965<br />
224,533 224,533 340,320 340,320<br />
Liabilities carried at fair value<br />
Treasury derivatives – interest rate swaps 2(p) – – 222 222<br />
Treasury derivatives – options 2.(p) 1,613 1,613 – –<br />
Electricity derivatives – swaps 2(p) 51,764 51,764 104,618 104,618<br />
Electricity derivatives – options 2(p) 832 832 14,436 14,436<br />
Electricity derivatives – retained contract payable 2(p) 1,232 1,232 – –<br />
Commodity derivatives – forward hedge contracts 3,036 3,036 – –<br />
58,477 58,477 119,276 119,276<br />
Liabilities carried at amortised cost<br />
Trade and other payables 2(n) 269,324 269,324 356,833 356,833<br />
Borrowings 2(r) 2,617,484 2,718,113 2,414,298 2,512,761<br />
2,886,808 2,987,437 2,771,131 2,869,594<br />
Where available, fair value is determined directly through the use <strong>of</strong> market quoted prices. Valuation techniques are<br />
used to varying degrees for financial instruments where direct market quotes are not available. Fair value is calculated<br />
on the basis <strong>of</strong> discounted cash flows at an assumed discount rate for swap transactions using published market<br />
prices. Over the counter option instruments are valued with reference to quoted market prices.<br />
86