New Zealand Gazette – 1996 – No. 173

Page 4570

✨ Financial Statements Notes

4570

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

No. 173

FINANCIAL INSTRUMENTS (cont.)

Forward rate agreements are excluded from the above repricing analysis as these contracts mature within one year. For the purposes of repricing, debt denominated in foreign currencies is stated after applying cross currency interest rate swaps.

OTHER MATTERS

HVDC converter plant at the Haywards and Benmore substations is leased to a subsidiary company, Haywards Limited, by ECNZ. The equipment is sub-leased by Haywards Limited to Transpower.

During the year the three HVDC submarine cables laid in 1991 became subject to a cross border lease. Oteranga Bay Limited has sold the cables to a third party and has subsequently leased the assets back.

The Group does not recognise a lease liability with respect to either of these transactions as Haywards Limited and Oteranga Bay Limited have prepaid their obligations to the respective lessors for all rental payments in respect of the primary period of each lease and for the call option exercise price in respect of each lease.

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%

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VUW Te Waharoa — NZ Gazette 1996, No 173

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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 Instruments, Forward Rate Agreements, Cross Currency Interest Rate Swaps, Lease Transactions, Subsidiary Companies, Associate Companies

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