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New Zealand Gazette – 2004 – No. 171

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✨ Financial Statements

4276 NEW ZEALAND GAZETTE, No. 171 22 DECEMBER 2004

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2004

20. FINANCIAL INSTRUMENTS

(a) Financial risks

The Transpower Group is subject to a number of financial risks which arise as a result of having a debt portfolio which is denominated in both New Zealand dollars and foreign currencies, making purchases from foreign suppliers and having contractual agreements with customers. These financial risks comprise:

Interest rate risk

Interest rate risk is the risk of adverse impact on the present and future finance costs of the Company arising from the interaction of interest rate movements with Transpower’s debt portfolio.

Currency risk

Currency risk is the risk of adverse impact of exchange rate movements, which determine the New Zealand dollar cost of foreign denominated expenditures and the New Zealand dollar value of debt issued in foreign currencies.

Credit risk

Credit risk is the risk of adverse impact on Transpower through the failure of a third party bank, financial institution or customer to meet its financial obligations. Financial instruments which subject Transpower to credit risk include bank balances, receivables, investments, interest rate swaps, cross currency interest rate swaps, interest rate options, forward rate agreements, foreign exchange and forward contracts.

Liquidity risk

Liquidity risk is the risk of adverse impact on Transpower arising from the Company’s inability to meet its monetary obligations in an orderly manner. This might result from the Company not holding adequate funding facilities or being unable to renew or replace existing facilities when they mature.

To manage and limit the effect of these financial risks the Transpower Board of Directors has approved policy guidelines and authorised the use of various financial instruments. The policy adopted by the Board prohibits the use of financial instruments for speculative purposes. All off balance sheet financial instruments must be directly related to underwriting physical debt or firm capital commitments on Board approved projects.

VUW Te Waharoa — NZ Gazette 2004, No 171

Gazette.govt.nz — NZ Gazette 2004, No 171

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Financial Instruments, Interest Rate Risk, Currency Risk, Credit Risk, Liquidity Risk, Debt Portfolio, Foreign Currencies, Financial Risks

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