New Zealand Gazette – 1995 – No. 139

Page 4557

✨ Financial Statements Notes

27 NOVEMBER NEW ZEALAND GAZETTE 4557

TRANS POWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1995

Debt
The estimated fair value of debt which has a variable interest rate is equivalent to the carrying value. The fair value of debt with a fixed interest rate is estimated based on the present value of future liability commitments using the current market rate for debt instruments with a similar maturity.

Foreign exchange contracts, Interest rate swaps and options and Forward rate agreements
The fair value of foreign exchange contracts, interest rate swaps, interest rate options and, forward rate agreements is estimated based on the quoted market price of these instruments.

21. SUBSIDIARY AND ASSOCIATE COMPANIES

As at balance date the subsidiary and associate companies are as follows:

Subsidiaries Holding
Fighting Bay Finance Limited 100%
Haywards Limited 100%
Oteranga Bay Limited 100%
Hororata Enterprises Limited 100%
Whakamaru Holdings Limited 100%
Trans Power Finance Limited 100%
Trans Power Land Holdings Limited 100%

Associate Company
Electricity Market Company Limited 33%

All subsidiaries are direct subsidiaries of Trans Power New Zealand Limited except for Oteranga Bay Limited and Haywards Limited which are wholly owned by Fighting Bay Finance Limited.

The principal activity of all the subsidiaries is financing. The principal activity for the associate company is the provision of services to the participants in the wholesale electricity market. The balance date for the associate and subsidiary companies is the same as the Parent Company.

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VUW Te Waharoa — NZ Gazette 1995, No 139

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✨ LLM interpretation of page content

🏗️ Notes to the Financial Statements for Trans Power New Zealand Limited (continued from previous page)

Domain🏗️ Infrastructure & Public Works
KeywordsFinancial Statements, Fair Values, Debt, Foreign Exchange, Interest Rate Swaps, Subsidiary Companies, Associate Companies

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