New Zealand Gazette – 1996 – No. 173

Page 4565

✨ Financial Statements Notes

29 NOVEMBER NEW ZEALAND GAZETTE 4565
TRANS POWER NEW ZEALAND LIMITED GROUP

            NOTES TO THE FINANCIAL STATEMENTS
            FOR THE YEAR ENDED 30 JUNE 1996

OPERATING LEASE COMMITMENTS

Commitments in respect of non-cancellable operating leases payable:

	30 June 1996	30 June 1995
	$000	$000
Within one year	2,033	2,283
One to two years	1,958	1,634
Two to five years	5,043	4,572
Later than five years	4,836	4,345
Total Operating Lease Commitments	13,870	12,834

CONTINGENT LIABILITIES

As a result of the HVDC submarine cable lease transaction, described in Note 6, the Group has given guarantees and certain undertakings in accordance with a limited guarantee agreement dated 31 May 1996. The likelihood of losses in respect of these matters is considered to be remote.

There are no other material contingent liabilities for the Group as at balance date (1995: nil).

SEGMENTAL INFORMATION

The Group operates predominantly in one industry, the transmission of high voltage electricity. The Group’s operations are carried out in New Zealand and are therefore within one geographical segment for reporting purposes.

FINANCIAL INSTRUMENTS

A range of financial instruments are recorded in the Group’s financial statements. Other financial instruments which are not recorded in the financial statements, are designated as "off balance sheet".

The Group uses derivative instruments for the purpose of reducing its exposure to fluctuations in interest rates and foreign exchange rates. Any fluctuations in the value of hedging financial instruments are generally offset by changes in the value of the underlying exposure being hedged.

In terms of the policy adopted by the Board of Directors, the Group is not permitted to hold or issue derivative financial instruments for speculative purposes.

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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🏭 Trade, Customs & Industry
Dated5 November 1996
KeywordsFinancial Statements, Operating Lease Commitments, Contingent Liabilities, Segmental Information, Financial Instruments

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