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New Zealand Gazette – 1997 – No. 165

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✨ Financial Statements Notes

26 NOVEMBER NEW ZEALAND GAZETTE 3925

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1997

20. FINANCIAL INSTRUMENTS (cont.)

| Carrying/Fair Value | Carrying Value 1997
$000 | Fair Value 1997
$000 | Carrying Value 1996
$000 | Fair Value 1996
$000 |
|----------------------|-----------------------------|-------------------------|------------------------|
| On Balance Sheet | | | |
| Short term investments | 1,685 | 1,684 | 141,684 | 141,616 |
| Debt | (1,472,497) | (1,432,784) | (1,655,635) | (1,580,331) |

Off Balance Sheet
| | | | |
| Cross currency interest rate swaps | 5,071 | (57,384) | 3,731 | (17,742) |
| Foreign exchange forward contracts hedging foreign currency debt | 10 | (66) | (3,579) | (14,460) |
| Foreign exchange forward contracts hedging foreign currency purchases | - | (150) | - | (181) |
| Interest rate swaps | (5,826) | (18,232) | (226) | 16,006 |
| Forward rate agreements | - | (58) | - | 1,686 |
| Interest rate options | - | (1,146) | - | - |
| Foreign exchange options | - | (1) | - | - |

(g) Interest rate re-pricing analysis

The following table covers the Group’s total debt portfolio, including the effect of off balance sheet financial instruments when interest rates will be re-priced and the current weighted average interest rate of each maturity.

The Group will transact further interest rate hedging in advance of the re-pricing date to fix interest rates on the Group debt portfolio within the policy parameters adopted by the Board.

Trade receivables/creditors, other receivables and other liabilities have not been included in the table below as they are not interest rate sensitive.

Forward rate agreements are also excluded from the repricing analysis as these contracts mature within one year.

For the purpose of repricing, debt denominated in foreign currencies is stated after applying cross currency interest rate swaps.

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VUW Te Waharoa — NZ Gazette 1997, No 165

NZLII — NZ Gazette 1997, No 165

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 (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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