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New Zealand Gazette – 2001 – No. 163

Page 3989

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✨ Financial Statements

30 NOVEMBER

NEW ZEALAND GAZETTE

3989

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2001

21. FINANCIAL INSTRUMENTS continued

The notional gross contract amounts of interest rate swaps outstanding at balance date are:

	LINES BUSINESS 2001	LINES BUSINESS 2000
	$000	$000
Interest rate swaps	2,342,899	1,510,448

Cross currency interest rate swaps
Cross currency interest rate swaps are used to convert foreign currency denominated debt issued by Transpower into New Zealand dollar denominated debt. Cross currency interest rate swap contracts eliminate foreign currency risk on the underlying debt by determining the New Zealand dollar equivalent of the final principal exchange at the time of entering into the contract.

The principal amounts of cross currency interest rate swaps outstanding at balance date are:

Cross currency interest rate swaps
Principal receivable	948,170
Principal payable	(859,380)

	LINES BUSINESS 2001	LINES BUSINESS 2000
	911,633	(796,938)

Forward rate agreements
Forward rate agreements are used to fix interest rates on Transpower’s underlying debt for periods commencing in the future. In the normal course of business, Transpower enters into forward rate agreements to fix interest rates on floating rate debt for intervals of three months.

The notional contract amounts of forward rate agreements outstanding at balance date are:

| Forward rate agreements | 40,000 | 270,000 |

Interest rate options
Transpower enters into interest rate options to manage interest rate re-pricing risk. Transpower purchases interest rate options to minimise the impact on finance costs arising from floating rate debt if interest rates were to rise in the future.

VUW Te Waharoa — NZ Gazette 2001, No 163

Gazette.govt.nz — NZ Gazette 2001, No 163

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

🏭 Transpower New Zealand Limited Lines Business Financial Position (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Financial Risks, Interest Rate Risk, Currency Risk, Credit Risk, Liquidity Risk, Debt Facilities, Term Investments, Interest Rate Swaps

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