New Zealand Gazette – 2008 – No. 186

Page 4878

✨ Financial Statements

4878 NEW ZEALAND GAZETTE, No. 186 28 NOVEMBER 2008

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

9. Financial instrument designation

	Fair value through profit or loss (accounting mismatch)	Hedge accounting (fair value method)	Loans and Receivables
Current assets
Cash and cash equivalents
Accounts receivable			✔️
Hedge commitments	✔️	✔️
Interest rate swaps	✔️	✔️

| Current liabilities | | | | | |
| Accounts payable | | | | | ✔️ |
| Call borrowing | ✔️ | | | | |
| Intercompany debt | | | | | ✔️ |
| Current portion of non current debt | ✔️ | | | | |
| Interest rate options | ✔️ | | ✔️ | | |
| Cross currency interest rate swaps | ✔️ | | ✔️ | | |
| Forward exchange contracts| ✔️ | | ✔️ | | |

| Non current liabilities| | | | | |
| Bonds | | | | | ✔️ |
| Euro Medium Term Notes | ✔️ | | | | |
| US Private Placement | ✔️ | | | | |
| Structured financing transaction liabilities | ✔️ | | | | |

Fair Value Through Profit or Loss (Accounting Mismatch)
The Lines Business uses the provisions in NZ IAS 39 that allow for the use of fair value through profit or loss on the basis of preventing an accounting mismatch or recognition inconsistency. The Lines Business has applied these provisions as net debt and derivatives are managed as one integrated portfolio.

Hedge Commitments
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. The fair value of the derivative (forward exchange contract) is shown separately.

Fonterra Shares
The Lines Business holds these shares as a result of acquiring land for the construction of new transmission lines. When dairy farms are purchased, Fonterra shares are often purchased to enable the continued operation of the dairy farm. These shares are classified as available for sale because they do not fall into the other three categories of financial instruments, i.e. they have no "maturity" date, they are not traded on an active market, there are no fixed payments associated with holding the shares and they are not held for short term profit making.

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, Trade Receivables, Impairment, Interest Receivable, Prepayments

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