New Zealand Gazette – 1996 – No. 173

Page 4567

✨ Financial Statements Notes

29 NOVEMBER NEW ZEALAND GAZETTE 4567
TRANS POWER NEW ZEALAND LIMITED GROUP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 1996

21. FINANCIAL INSTRUMENTS (cont.)

The Group anticipates that debt will be held to maturity, and accordingly settlement at the reported fair value of these financial instruments is unlikely.

The carrying value of interest rate swaps and cross currency interest rate swaps is included within interest payable and other receivables.

Debt includes short term and the current portion of long term debt disclosed as current liabilities in Note 11.

The following methods were used to estimate the fair values for each class of financial instrument:

Cash and bank, trade receivables/creditors, other receivables, other creditors, investments and investments in shares

The carrying value of these items is equivalent to the fair value and they are therefore excluded from the above table.

Debt

The estimated fair value of short and long term debt which has a variable interest rate is equivalent to the carrying value. The fair value of Transpower bonds is calculated on the basis of quoted market prices at the close of market on balance date. The fair value of debt is based on current market interest rates available to the Group for debt of similar maturities.

Foreign exchange forward contracts, cross currency interest rate swaps, interest rate swaps and options and forward rate agreements

The fair value of foreign exchange forward contracts, cross currency interest rate swaps, interest rate swaps, interest rate options and, forward rate agreements is estimated based on the quoted market price of these instruments at balance date.

(iii) Interest Rate Risk and Currency Risk

Interest Rate Risk

The Group has long-term borrowings, with fixed and floating interest rates, which are used to fund ongoing activities. It is Group policy to ensure that the exposure to interest rate repricing risk is managed by limiting the amount of floating rate debt to 36.25% of total debt and the amount of fixed rate debt repricing in any one year to no more than 25% of total fixed rate debt. The exposure to interest rate repricing is managed within policy limits by using interest rate swaps, options and forward rate agreements.

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VUW Te Waharoa — NZ Gazette 1996, No 173

NZLII — NZ Gazette 1996, No 173

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ 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, Credit Risk, Fair Values, Financial Instruments

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