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New Zealand Gazette – 2004 – No. 171

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✨ Financial Statements

NEW ZEALAND GAZETTE, No. 171

22 DECEMBER 2004

4281

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2004

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 almost resinvestments, 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 non-current investments, it bases the fair value as 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 financial contract rate and the current market rate at balance date.

The unrealised cost arising from movements in interest rates since the transaction date of debt carried at 30 June 2004 and the derivative positions used to manage interest rate risk in respect of that debt was NZ$17.215,000 (2003: $66,506,000 as at 30 June 2003). This comprises the difference between the carrying values and fair values of: fixed cross currency interest rate swaps, foreign exchange forward contracts, 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 of the reported fair values will occur and the resulting fair value realised.

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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