Endeavour Energy Annual Performance Report - Parliament of New ...

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09 Financial statements Notes to the Financial Statements For the year ended 30 June 2011 21 Financial Instruments continued (g) Fair values Fair values versus carrying amounts The fair values of financial assets and liabilities, together with the carrying amounts shown in the Statement of Financial Position, are as follows: 2011 2010 Note Carrying amount $’000 Fair value $’000 Carrying amount $’000 Fair value $’000 Assets carried at fair value Treasury derivatives – interest rate swaps 2(p) – – 298 298 Treasury derivatives – options 2(p) 1,149 478 1,376 1,376 Electricity derivatives – swaps 2(p) 1,232 1,232 2,275 2,275 Electricity derivatives – options 2(p) – – 68,596 68,596 Electricity derivatives – retained contract receivable 2(p) 52,595 52,595 – – 54,976 54,305 72,545 72,545 Assets carried at amortised cost Cash and cash equivalents 2(g) 3,288 3,288 30,355 30,355 Trade and other receivables 2(h) 221,245 221,245 309,965 309,965 224,533 224,533 340,320 340,320 Liabilities carried at fair value Treasury derivatives – interest rate swaps 2(p) – – 222 222 Treasury derivatives – options 2.(p) 1,613 1,613 – – Electricity derivatives – swaps 2(p) 51,764 51,764 104,618 104,618 Electricity derivatives – options 2(p) 832 832 14,436 14,436 Electricity derivatives – retained contract payable 2(p) 1,232 1,232 – – Commodity derivatives – forward hedge contracts 3,036 3,036 – – 58,477 58,477 119,276 119,276 Liabilities carried at amortised cost Trade and other payables 2(n) 269,324 269,324 356,833 356,833 Borrowings 2(r) 2,617,484 2,718,113 2,414,298 2,512,761 2,886,808 2,987,437 2,771,131 2,869,594 Where available, fair value is determined directly through the use of market quoted prices. Valuation techniques are used to varying degrees for financial instruments where direct market quotes are not available. Fair value is calculated on the basis of discounted cash flows at an assumed discount rate for swap transactions using published market prices. Over the counter option instruments are valued with reference to quoted market prices. 86
21 Financial Instruments continued Interest rates used for determining fair value The interest rates used to discount estimated cash flows are based on referable market rates at the reporting date, plus an adequate credit spread, and were as follows: 2011 % 2010 % Treasury derivatives 5.3%–5.6% 4.5%–4.7% Electricity derivatives 4.9%–5.5% 4.6%–5.1% Borrowings 4.8%–5.9% 4.5%–5.9% Fair value hierarchy The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) Level 1 $’000 Level 2 $’000 Level 3 $’000 Total $’000 30 June 2011 Assets carried at fair value Treasury derivatives – options – 1,149 – 1,149 Electricity derivatives – swaps – 1,232 – 1,232 – 2,381 – 2,381 Liabilities carried at fair value Treasury derivatives – options 1,613 – – 1,613 Electricity derivatives – swaps – 51,764 – 51,764 Electricity derivatives – options – 832 – 832 Commodity derivatives – forward exchange contracts 3,036 – – 3,036 4,649 52,596 – 57,245 30 June 2010 Assets carried at fair value Treasury derivatives – interest rate swaps – 298 – 298 Treasury derivatives – options – 1,376 – 1,376 Electricity derivatives – swaps – 2,275 – 2,275 Electricity derivatives – options – 68,596 – 68,596 – 72,545 – 72,545 Liabilities carried at fair value Treasury derivatives – interest rate swaps – 222 – 222 Electricity derivatives – swaps – 104,618 – 104,618 Electricity derivatives – options – 14,436 – 14,436 – 119,276 – 119,276 Endeavour Energy Annual Performance Report 2010–11 87
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ANNUAL PERFORMANCE REPORT 2010-11 I
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Contents LETTER TO SHAREHOLDING MIN
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YeAR at a Glance Items 2009-10 2010
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To that end, we pursued our second
Page 9 and 10:
Endeavour Energy’s six strategic
Page 11 and 12:
Performance indicator: lost time in
Page 13 and 14:
Performance indicator: Capital expe
Page 15 and 16:
Efficiency reviews to reduce costs
Page 17 and 18:
Each year we investigate bushfire r
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STRATEGIC OBJECTIVE 6 - DELIVER PER
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Network Strategy Network business o
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Major works in progress 2010-11 con
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Major works in progress 2010-11 con
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The NSW Code of Practice - Demand M
Page 29 and 30:
Network-related calls increased fro
Page 31 and 32:
New apprentices vital to our workfo
Page 33 and 34:
Equal employment opportunity As par
Page 35 and 36:
Multicultural policies and services
Page 37 and 38: 06 8 % reduction in greenhouse emis
Page 39 and 40: Environmental management system Our
Page 41 and 42: ENDEAvoUR ENERGY’S GoveRNANCE AND
Page 43 and 44: EXECUTIve LEADERshIP TEAM Vince Gra
Page 45 and 46: 08 $ 245 m operating profit after t
Page 47 and 48: Debt Balance sheet debt increased b
Page 49 and 50: Directors’ Report For the yEAR en
Page 51 and 52: Statement of Comprehensive Income F
Page 53 and 54: Statement of Changes in Equity For
Page 55 and 56: Statement of Cash Flows For the yEA
Page 57 and 58: 2 Statement of Significant Accounti
Page 65 and 66: 4 Expenses 2011 $’000 2010 $’00
Page 67 and 68: 5 Gain/(loss) on sale of Retail bus
Page 69 and 70: 7 Deferred Tax (Assets)/Liabilities
Page 71 and 72: 8 Cash Flow Information continued (
Page 73 and 74: 9 Trade and Other Receivables conti
Page 75 and 76: 12 property Plant and Equipment con
Page 77 and 78: 13 Intangible Assets Software $’0
Page 79 and 80: 14 Employee Benefits - Superannuati
Page 81 and 82: 16 Other Current Liabilities 2011 $
Page 83 and 84: 21 Financial Instruments continued
Page 85 and 86: 21 Financial Instruments continued
Page 87: 21 Financial Instruments continued
Page 91 and 92: 23 Expenditure Commitments continue
Page 93 and 94: 27 prudential Requirements An unsec
Page 95 and 96: Appendices Contents Five-year stati
Page 97 and 98: Australian Financial Services Licen
Page 99 and 100: Executive Remuneration General prin
Page 101 and 102: Table A: Number of applications by
Page 103 and 104: Implementation of Price Determinati
Page 105 and 106: GLossARY The Australian Consumer La
Page 107: Ausgrid LOCATIONS and contacts Kand
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