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New Zealand Gazette – 2003 – No. 162

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✨ Financial Statements

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2003

20. FINANCIAL INSTRUMENTS continued

Fair value

Fair value represents the amount which would, in the course of the normal operation of the financial markets, extinguish all current and future contractual obligations arising in respect of a particular financial instrument.

The fair value for short term investments, debt, cross currency interest rate swaps, foreign exchange forward contracts, interest rate swaps, forward rate agreements, interest rate options and foreign currency options is determined using the current market rates at balance date. For those debt instruments where there is no quoted market rate at balance date the fair value is based on the current market rate of a financial instrument with a similar maturity.

For cash and bank, trade receivables/creditors, other receivables, other liabilities, investments and investments in shares the fair value is equivalent to their carrying value and has been excluded from the Carrying/Fair Value table.

The difference between the carrying value and the fair value represents an unrealised cost or benefit to the Company. This arises as a result of variations between the historical contract rate and the current market rate at balance date.

The unrealised cost arising from movements in interest rates since the acquisition date of debt carried at 30 June 2003 and the derivative products used to manage interest rate risk in respect of that debt was NZ$67,010,000 (NZ$24,732,000 as at 30 June 2002). This comprises the difference between the carrying values and fair values of debt, cross currency interest rate swaps, foreign exchange forward contracts (hedging foreign currency debt), interest rate swaps, forward rate agreements and interest rate options.

Transpower anticipates that the financial instruments will be held to maturity and it is unlikely that settlement at the reported fair values will occur and the resulting loss realised.

VUW Te Waharoa — NZ Gazette 2003, No 162

Gazette.govt.nz — NZ Gazette 2003, No 162

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✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Lines Business Notes to the Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Financial instruments, Interest rate swaps, Cross currency interest rate swaps, Forward rate agreements, Interest rate options, Foreign exchange forward contracts, Credit risk exposure, Carrying value, Fair value

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