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New Zealand Gazette – 1998 – No. 146

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✨ Financial Statements Notes

3534 NEW ZEALAND GAZETTE No. 146

TRUSTPOWER LIMITED AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1998

Interest Rate Hedging

TrustPower Limited has entered into a series of forward rate and option agreements to reduce the impact of changes in interest rates on its floating rate loans. These agreements are timed to mature at the time the related loans mature and effectively fix the floating rate loans. The total value of interest rate hedging contracts at balance date amounted to $80,000,000. The contract expiry dates range from 27 May 1998 to 31 March 2005 and fix interest in the range of 6.97% to 8.37%.

Electricity Price Hedges

As a normal business practice the company has entered into a number of electricity hedges in order to reduce the risk from price fluctuations on the electricity spot market. The directors are of the opinion that the level of hedges carried are appropriate for TrustPower’s business and in accordance with the company’s risk management policies.

The fair value of electricity price hedging contracts can vary from day to day as the spot market price for electricity varies. As at balance date this secondary market for electricity price hedging contracts was not sufficiently active in order to obtain a reliable measure of fair value of TrustPower’s hedging contracts.

The total contract value of the electricity hedges at balance date was $74,886,896, ranging for a period of one to four years.

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VUW Te Waharoa — NZ Gazette 1998, No 146

NZLII — NZ Gazette 1998, No 146

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 TrustPower Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Interest Rate Hedging, Electricity Price Hedges, TrustPower Limited

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