New Zealand Gazette – 2008 – No. 186

Page 4875

✨ Financial Statements

28 NOVEMBER 2008 NEW ZEALAND GAZETTE, No. 186 4875

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

6. Change in fair value of financial instruments

	LINES BUSINESS
	2008
	$000

Accounting hedges

Fair value movement forward exchange contracts | 3,826 | (4,744) |
Fair value movement hedge commitment | (3,651) | 4,662 |

Debt and investments

Fair value movement cross currency swaps | 142,778 | (92,857) |
Fair value movement interest rate swaps | (29,479) | 91,269 |
Fair value movement interest rate options | (112) | - |
Fair value movement investments | 7,376 | (6,254) |
Fair value movement debt | (165,271)| 115,666 |

| | (44,708)| 107,824 |

Total fair value gain (loss) | (44,533) | 107,742 |

The above fair value movements are as a result of the Lines Business designating these instruments at fair value through profit or loss or as fair value hedges. Refer to Note 9 Financial Instrument Designation for further information.

Credit risk impact

In 2008, none of the debt fair value gain (loss) is due to changes in credit risk. In 2007, the fair value movement on debt is estimated to include a fair value gain of between $515,000 and $1,030,000 due to a change in credit risk. In November 2006, Transpower's Standard and Poor's credit rating decreased from a AA to AA-. This is estimated to have increased the cost of the Lines Business's debt by between 5 and 10 basis points. The nominal value of debt in November 2006 was $1,030,000,000 therefore the fair value impact of the increased credit risk is estimated to be a fair value gain of between $515,000 and $1,030,000.

Accounting Hedges

The Lines Business hedges against foreign currency fluctuations on certain foreign purchases through the use of forward exchange contracts. The "hedge commitment" represents the non derivative fair value movement on the commitment to buy the goods, i.e. before the goods or an invoice are received.

Debt and Investments

Refer to Note 23 Financial Instruments for information on the use of debt, investments and derivatives.

Gazette.govt.nz — NZ Gazette 2008, No 186

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Change in Fair Value, Accounting Hedges, Debt, Investments, Credit Risk

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