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New Zealand Gazette – 2004 – No. 171

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✨ Financial Statements Notes

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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

FINANCIAL INSTRUMENTS continued

c) Financial instruments which manage currency, interest rate and liquidity risk

The Transpower Board of Directors have authorised the use of the following financial instruments to manage currency risk, interest rate risk and liquidity risk:

On Balance Sheet financial assets and liabilities

Term debt

The Transpower Group has five active debt facilities, a European Commercial Paper Program, Euro Medium Term Note Program, a Domestic Medium Term Note Program, an Australian Medium Term Note Program and a Domestic Multi-option Facility.

The Group uses these facilities to issue debt securities into different global debt markets.

In the event the Transpower Group is unable to use these facilities the Group has established two committed credit facilities. One facility is a NZ$500,000,000 Multi-option Facility with a syndicate of domestic and offshore banks. This was not used at 30 June 2004 or 30 June 2003. The second facility is a Standby Facility for NZ$250,000,000 which was not used at 30 June 2004, or 30 June 2003.

Term investments

The Transpower Group from time to time invests surplus cash arising from its core operations and from active liquidity management in wholesale bank deposits and securities for periods of up to one year.

Off Balance Sheet financial assets and liabilities

Interest rate swaps

Interest rate swaps are used to change the interest rate structure on physical debt issued by the Group. The interest rate on debt is either converted from floating rate to fixed rate or vice versa through entering into an interest rate swap. In the normal course of the Group’s hedging activities interest rate swaps are entered into for periods of up to ten years.

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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