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New Zealand Gazette – 2004 – No. 171

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✨ Financial Statements

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 continued

(di) Maximum credit risk exposure

The maximum credit exposure in respect of our balance sheet assets is best represented by their carrying value. For other financial instruments the maximum credit exposure is best represented by the net marked to market valuation by Counterparty where the valuation is positive, as follows:

	LINES BUSINESS 2004 $'000	LINES BUSINESS 2003 $'000
Net cash settlement amount receivable	-	-
Interest rate swaps	4,333	7,095
Cross currency interest rate swaps	4,365	4,341
Forward rate agreements	-	-

The credit risk arising from the use of derivative products is minimised by the netting and set-off provisions from the documentation and the application of applicable law. The Group further manages this risk by only entering into transactions with counterparties the full whitelist Transpower’s credit risk management policy as outlined in section 16. Risk management policies, of this note.

(e) Carrying value and fair value

Carrying value

For off balance sheet financial instruments the carrying value in the Carrying/Fair Value table below is taken from the other receivables and other liabilities categories in the Statement of Financial Position as appropriate. The carrying values represent the results of accounting for these instruments, as described in the Statement of Accounting Policies. The unrealised foreign currency gains and losses on cross currency interest rate swaps are included in the carrying value of debt.

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, Credit Risk, Derivative Products, Risk Management

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