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19. Borrowings
FAIR VALUE ADJUSTMENT ON HEDGED RISK $M
FAIR VALUE $M
CARRYING VALUE $M
UNAMORT– ISED COSTS $M
FACE VALUE $M
MATURITY DATE
2020
CURRENCY
Bank facilities – variable rate
NZD Feb 2021 – Jan 2025
150.0 307.2
(1.3) (0.7)
– –
148.7 306.5
150.3 337.7
Capital bonds – 5.7% f ixed rate Wholesale bonds – 4.996% f ixed rate
NZD
–
NZD Mar 2024
240.0
3.1
–
243.1
274.6
Senior notes – f ixed rate
USD Oct 2021 – Mar 2035 NZD Oct 2020 NZD May 2025
1,613.4
(4.6) (0.1) (2.5) (6.1)
231.1 1,839.9 1,873.6
350.0 250.0
– –
349.9 247.5
350.0 276.6
Floating rate notes – variable rate Senior bonds – 3.45% f ixed rate
Balance at 30 June
2,910.6
231.1 3,135.6 3,262.8
FAIR VALUE ADJUSTMENT ON HEDGED RISK $M
FAIR VALUE $M
CARRYING VALUE $M
UNAMORT– ISED COSTS $M
FACE VALUE $M
MATURITY DATE
2019
CURRENCY
Bank facilities – variable rate
NZD Mar 2020 – Jul 2021
395.0 307.2
(1.2) (1.0)
– –
393.8 306.2
393.8 345.7
Capital bonds – 5.7% f ixed rate Wholesale bonds – 4.996% f ixed rate
NZD
–
NZD Mar 2024
240.0
3.9
–
243.9
278.7
Senior notes – f ixed rate
USD Sep 2019 – Sep 2029 NZD Oct 2020 NZD May 2025
1,112.9
(2.1) (0.5) (2.9) (3.8)
109.7 1,220.5 1,291.6
350.0 250.0
– –
349.5 247.1
351.8 277.3
Floating rate notes – variable rate Senior bonds – 3.45% f ixed rate
Balance at 30 June
2,655.1
109.7 2,761.0 2,938.9
Policies
Borrowings are initially recorded at fair value, net of transaction costs. After initial recognition, borrowings are measured at amortised cost with any difference between the initial recognised amount and the redemption value being recognised in interest costs in prof it or loss over the period of the borrowing using the effective interest rate method. The carrying value of borrowings includes the principal converted at contract rates (face value), unamortised costs and a fair value adjustment for the component of the risk that is hedged. The fair value is calculated by discounting the future contractual cash flows at current market interest rates that are available for similar f inancial instruments. The fair value of all borrowings, calculated for disclosure purposes, are classif ied as level 2 on the fair value hierarchy.
THE INTERPLAY OF TODAY AND TOMORROW
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