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New Zealand Gazette – 1997 – No. 165

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✨ Financial Statements Notes

3924 NEW ZEALAND GAZETTE No. 165

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1997

20. FINANCIAL INSTRUMENTS (cont.)

Fair value

Fair value represents the amount which would, in the course of the normal operation of the financial markets extinguish all current and future contractual obligations arising in respect of a particular financial instrument.

The fair value for short term investments, debt, cross currency interest rate swaps, foreign exchange forward contracts, interest rate swaps, forward rate agreements, interest rate options and foreign currency options is determined using the current market rates at balance date. For those debt instruments where there is no quoted market rate at balance date the fair value is based on the current market rate of a financial instrument with a similar maturity.

For cash and bank, trade receivables/creditors, other receivables, other liabilities, investments and investments in shares the fair value is equivalent to their carrying value and has been excluded from the Carrying/Fair Value table.

The difference between the carrying value and the fair value represents an unrealised cost or benefit to the Group. This arises as a result of variations between the historical contract rate and the current market rate at balance date.

The unrealised cost arising from movements in interest rates since the acquisition date of debt carried at 30 June 1997 and the derivative products used to manage interest rate risk in respect of that debt was NZ$36,428,000 (30 June 1996: an unrealised benefit of NZ$60,868,000). This comprises the difference between the carrying values and fair values of: debt, cross currency interest rate swaps, foreign exchange forward contracts (hedging foreign currency debt), interest rate swaps, forward rate agreements and interest rate options.

The Group anticipates that the financial instruments will be held to maturity and it is unlikely that settlement at the reported fair values will occur and the resulting benefit or loss realised.

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VUW Te Waharoa — NZ Gazette 1997, No 165

NZLII — NZ Gazette 1997, No 165

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Notes to the Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Fair Value, Cross Currency Interest Rate Swaps, Foreign Exchange Forward Contracts, Interest Rate Swaps, Forward Rate Agreements, Interest Rate Options, Foreign Currency Options

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