New Zealand Gazette – 2000 – No. 162

Page 4195

✨ Financial Statements Notes

4 DECEMBER NEW ZEALAND GAZETTE 4195

TRANSPower NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2000

(m) Financial Instruments

Derivative financial instruments including foreign exchange contracts, forward rate
agreements, foreign exchange options, cross currency interest rate swaps, interest rate
swaps and interest rate options are entered into for the purpose of reducing exposure
to fluctuations in interest rates and foreign exchange rates. While these financial
instruments are subject to the risk that market rates will change subsequent to acquisition,
such changes would generally be offset by an opposite effect on the items being hedged.

For interest rate swaps, the differential to be paid or received is accrued as interest
rates change and is recognised as a component of interest or expense over the life
of the swap. Premiums paid on interest rate options are amortised over the period
to maturity. The settlement cash flows on the maturity of forward rate agreements
are amortised over the period of the underlying asset or liability that the financial
instrument is hedging.

Foreign exchange contracts and cross currency interest rate swaps entered into as
hedges of foreign currency assets and liabilities are valued at exchange rates
prevailing at balance date. Any unrealised gains and losses are offset against foreign
currency gains or losses on the related asset or liability.

Additional information about financial instruments to which the Transpower
Lines Business is a party is provided in Note 21.

(n) Reclassifications

Certain reclassifications of prior year balances have been made to conform with current year
classifications.

Changes in Accounting Policies

There have been no changes in accounting policies and all policies have been applied on a
basis consistent with those used in previous periods, except for those required by the
Electricity (Information Disclosure) Amendment Regulations 2000.

VUW Te Waharoa — NZ Gazette 2000, No 162

Gazette.govt.nz — NZ Gazette 2000, No 162

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Statement of Cashflows (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Accounting Policies, Transpower, 2000, Cash Flows, Taxation, Foreign Currencies

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