✨ Financial Statements Notes
5076
NEW ZEALAND GAZETTE, No. 200
30 NOVEMBER 2005
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2005
- FINANCIAL INSTRUMENTS continued
| Carrying value/fair value | Carrying Value 2005 $000 | Fair Value 2005 $000 | Carrying Value 2004 $000 | Fair Value 2004 $000 |
|---|---|---|---|---|
| LINES BUSINESS | ||||
| On Balance Sheet | ||||
| Cash (bank overdraft) | 1,084 | 1,084 | 722 | 722 |
| Short term investments | - | - | 10 | 10 |
| Long term assets | 541,710 | 541,765 | 532,700 | 532,755 |
| Debt | (1,551,336) | (1,567,534) | (1,609,357) | (1,617,879) |
| Off Balance Sheet | ||||
| Cross currency interest rate swaps | 2,263 | 1,127 | 600 | (82) |
| Foreign exchange forward contracts | - | 171 | (223) | (223) |
| Interest rate swaps | 1,197 | (13,187) | 457 | (8,070) |
| Forward rate agreements | - | - | - | - |
| Interest rate options | - | - | - | - |
(f) Interest rate repricing analysis
The following table covers Transpower's total debt portfolio, including the effect of off balance sheet financial instruments, when interest rates will be repriced and the current weighted average interest rate of each maturity. Transpower will transact further interest rate hedging in advance of the repricing date to fix interest rates on the Company debt portfolio within the policy parameters adopted by the Board.
Trade receivables/creditors, other receivables and other liabilities have not been included in the table below as they are not interest rate sensitive.
Forward rate agreements are also excluded from the repricing analysis as these contracts mature within one year. For the purpose of repricing, debt denominated in foreign currencies is stated after applying cross currency interest rate swaps.
LINES BUSINESS 2005
| Effective Interest rate | Within one year $000 | One to two years $000 | Two to five years $000 | Greater than five years $000 | Total $000 |
|---|---|---|---|---|---|
| Assets | |||||
| Cash | 5.65% | 1,084 | - | - | - |
| Long term assets | 6.33% | - | 1,802 | 539,908 | - |
| 1,084 | 1,802 | 539,908 | - | ||
| Liabilities | |||||
| Debt | 8.78% | (130,112) | (105,694) | (768,302) | (547,228) |
| (130,112) | (105,694) | (768,302) | (547,228) | ||
| Off Balance Sheet | |||||
| Interest rate swaps | 297,000 | (14,500) | (56,500) | (226,000) | |
| Interest rate options | - | - | - | - | |
| 297,000 | (14,500) | (56,500) | (226,000) | ||
| Repricing Profile | 167,972 | (118,392) | (284,894) | (773,228) |
The interest rate on debt as amended by interest rate swaps is 6.72%
LINES BUSINESS 2004
| Effective Interest rate | Within one year $000 | One to two years $000 | Two to five years $000 | Greater than five years $000 | Total $000 |
|---|---|---|---|---|---|
| Assets | |||||
| Cash | 4.00% | 722 | - | - | - |
| Short term investments | 4.22% | 10 | - | - | - |
| Long term investments | 6.30% | - | - | 532,700 | - |
| 732 | - | 532,700 | - | ||
| Liabilities | |||||
| Debt | 6.60% | (419,872) | (95,393) | (872,315) | (221,777) |
| (419,872) | (95,393) | (872,315) | (221,777) | ||
| Off balance sheet | |||||
| Interest rate swaps | 302,000 | (28,000) | 61,000 | (335,000) | |
| Interest rate options | - | - | - | - | |
| 302,000 | (28,000) | 61,000 | (335,000) | ||
| Repricing Profile | (117,140) | (123,393) | (278,615) | (556,777) |
The interest rate on debt as amended by interest rate swaps is 6.85%
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 200
Gazette.govt.nz —
NZ Gazette 2005, No 200
✨ LLM interpretation of page content
🏭
Notes to the Financial Statements for Transpower New Zealand Limited Lines Business
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Instruments, Carrying Value, Fair Value, Interest Rate Swaps, Cross Currency Interest Rate Swaps, Foreign Exchange Forward Contracts, Interest Rate Repricing