New Zealand Gazette – 1998 – No. 160

Page 3857

✨ Financial Instruments Notice

Listed equity investments

The fair value of this class of financial instrument is equal to the quoted market price.

Foreign currency forward exchange contracts

The fair value of this class of financial instrument is based on the quoted market price of comparable instruments.

Carrying Amount	1998		Carrying Amount	1997
	Line Activities	Electricity Retailing Activities	Generation Activities	Other Activities
	$000	$000	$000	$000

| Share investments | - | - | - | 264,855 | 264,855 | | - | - | - | 258,551 | 258,551 |

Fair Value	1998		Fair Value	1997
	Line Activities	Electricity Retailing Activities	Generation Activities	Other Activities
	$000	$000	$000	$000

| Forward exchange contracts to buy |
| - Amounts receivable | - | - | - | - | - | | - | - | - | - | - |
| - Amounts payable | - | - | - | 2,788 | 2,788 | | - | - | - | 17,619 | 17,619 |
| Share investments | - | - | - | 340,484 | 340,484 | | - | - | - | 404,694 | 404,694 |

Interest rate transactions

Interest rate swaps and forward rate agreements are used to manage the proportion of fixed rate debt to total debt. The Company pays a weighted average interest rate on all interest rate swaps and forward rate agreements that existed at 31 March 1998 of 7.32%. Interest rate swaps and forward rate agreements with a principal of $279 million have a cash benefit of $18.586 million.

The Company values interest rate swaps by determining the net present value of future cash flows using current interest rates. The Company continuously monitors the credit quality of the major international institutions that are counterparties to its off-balance sheet financial instruments and does not anticipate non-performance by any of the counterparties.

28 SEPTEMBER

THE NEW ZEALAND GAZETTE

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VUW Te Waharoa — NZ Gazette 1998, No 160

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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

💰 Financial Instruments Notice (continued from previous page)

Domain💰 Finance & Revenue
Dated28 September 1998
KeywordsFinancial Instruments, Revenue, Electricity Price Hedging, Credit Risk, Foreign Exchange Contracts, Interest Rate Risk, Fair Values

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