✨ Financial Statements
23 NOVEMBER 2012
NEW ZEALAND GAZETTE, No. 140
4105
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
Debt and related derivatives - interest rate, currency and liquidity risk
The table below details debt and associated derivatives. The result after derivatives has a debt portfolio in New Zealand dollars at predominantly fixed interest rates across
the debt repayment dates. The effective debt is managed by the entity to ensure that it is fully hedged for interest rate and currency risk.
LINES BUSINESS 2012
| Debt | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Issuing Company | Maturity date | Face value | Currency | Effective interest rate | Notional derivative receive value | Derivative notional | Effective interest rate after applying derivatives | Debt fair value | Derivative fair value | Total fair value | Within one year | One to two years | Three to four years | |
| $M | $M | $M | $M | $M | $M | $M | $M | $M | ||||||
| ECP | ||||||||||||||
| Bonds | TPNZ | 10-Sep-12 | 7.9 | AUD | 3.31% | (7.9) | AUD | 3.31% | 2.62% | 10.0 | (0.1) | 10.0 | 10.0 | |
| Bonds 2015 | TPNZ | 3-Mar-15 | 75.0 | NZD | BKM + 110 bp | 74.8 | (6.3) | 74.8 | 2.7 | 2.9 | 3.2 | 61.6 | ||
| Bonds 2017 | TPNZ | 15-Nov-17 | 125.0 | NZD | 6.60% | 6.60% | 50.0 BKM + 100 bp | 140.6 | (1.8) | 138.8 | 8.3 | 8.3 | ||
| Bonds 2018 | TPNZ | 30-Nov-18 | 125.0 | NZD | 5.14% | 5.14% | BKM + 107 bp | 125.6 | (9.6) | 116.0 | 6.4 | 6.4 | ||
| Bonds 2019 | TPNZ | 15-Jun-19 | 150.0 | NZD | 6.92% | 6.92% | BKM + 107 bp | 165.3 | (33.1) | 132.2 | 4.2 | 4.6 | ||
| Bonds 2020 | TPNZ | 15-Nov-20 | 100.0 | NZD | 6.92% | 6.92% | BKM + 21 bp | 98.4 | 7.6 | 106.0 | 3.7 | 3.8 | ||
| Term borrowing | TPNZ | 15-Jun-19 | 100.0 | NZD | 4.37% | (150.0) | NZD | 103.2 | 103.2 | 3.2 | 3.2 | |||
| BOTM facility | TPNZ | 20-May-16 | 100.0 | NZD | 100.0 | 100.0 | 3.2 | 3.2 | 3.2 | |||||
| BOTM facility | TPNZ | 20-May-16 | 100.0 | NZD | 100.0 | 100.0 | 3.2 | 3.2 | 3.2 | |||||
| EMTN | ||||||||||||||
| CAD EMTN | TPNZ | 6-Aug-14 | 300.0 | CHF | 3.49% | (300.0) | CHF | 3.49% | BKM + 38 bp | 428.7 | (95.6) | 333.1 | 10.6 | 13.9 |
| CAD EMTN | TPNZ | 20-Mar-17 | 250.0 | USD | 3.00% | (250.0) | USD | 3.00% | BKM + 174 bp | 314.8 | (2.3) | 312.5 | 13.3 | 13.9 |
| JPY EMTN | TPNZ | 27-Sep-16 | 250.0 | USD | 3.65% | (250.0) | USD | 3.65% | BKM + 174 bp | 314.8 | (2.3) | 312.5 | 2.8 | 3.2 |
| USPP | ||||||||||||||
| USPP 2016 | TPNZ | 27-Sep-16 | 25.0 | USD | 5.59% | (25.0) | USD | 5.59% | BKM + 20 bp | 36.2 | (1.5) | 34.7 | 1.4 | 1.4 |
| USPP 2019 | TPNZ | 27-Sep-19 | 75.0 | USD | 5.74% | (75.0) | USD | 5.74% | BKM + 20.5 bp | 114.5 | (2.9) | 111.6 | 3.4 | 3.7 |
| USPP 2022 | TPNZ | 15-Dec-22 | 150.0 | USD | 3.65% | (150.0) | USD | 3.65% | BKM + 128 bp | 189.5 | 2.1 | 191.6 | 9.8 | 8.8 |
| USPP 2022 | TPNZ | 15-Dec-22 | 150.0 | USD | 3.65% | (150.0) | USD | 3.65% | BKM + 128 bp | 189.5 | 2.1 | 191.6 | 4.4 | 4.8 |
| USPP 2026 | TPNZ | 13-Jun-26 | 75.0 | USD | 3.83% | (75.0) | USD | 3.83% | BKM + 205 bp | 97.0 | (6.5) | 90.5 | 4.4 | 4.8 |
| Cash outflow on debt, CCIRS and foreign IRS | 2,412.0 | (168.3) | 2,243.7 | 99.1 | 90.9 | 82.8 |
Debt short term | 10.1 |
Debt long term | 2,401.9 |
Debt allocated (fcc) from non-lines business | 19.4 |
Debt long term as per statement of financial position | 2,431.3 |
Debt short term as per statement of financial position | 2,441.4 | (168.3) | 2,243.7 |
Debt face value (as above) | 750.0 |
Foreign debt after adjusting for related foreign exchange derivatives | 2,318.5 |
A portion of the above floating rate (BKBM) exposure is converted to fixed rate swaps (IRS) as per the Group's treasury policy. The table below shows the
notional (IRS) maturing by time band and the weighted average interest rate for that period. The table includes forward starting IRS. The table below reflects the net
settlement of the floating rate (BKBM) and the fixed rate for the debt and the related IRS in the portfolio.
| Notional value of resetting basis swaps maturing by time band (net settled) - liabilities | |||||||
|---|---|---|---|---|---|---|---|
| Greater than five years | 55.0 | BKBM + 40 bp | 12.0 | (0.2) | (0.1) | (0.1) | (0.2) |
| Notional value of interest rate swaps maturing by time band (net settled) - liabilities | |||||||
|---|---|---|---|---|---|---|---|
| Within one year | 5.9 | 5.6 | |||||
| One to two years | 30.6 | 29.9 | 19.9 | 5.8 | |||
| Two to three years | 30.6 | 29.9 | 19.9 | 5.8 | |||
| Four to five years | 22.2 | 20.9 | 18.8 | 15.5 | 85.9 | 108.2 | |
| Greater than five years | 391.3 | 37.0 | 15.8 | 44.1 | 85.9 | 143.6 | |
| Net cash outflow on IRS - liabilities | 86.3 | 92.3 | 72.1 | 63.4 | 43.7 | 85.9 | 443.6 |
| Notional value of interest rate swaps maturing by time band (net settled) - assets | |||||||
|---|---|---|---|---|---|---|---|
| Within one year | |||||||
| One to two years | 15.1 | 0.2 | 0.7 | 0.1 | 0.6 | 16.2 | 17.8 |
| Two to three years | 6.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.8 | 0.8 |
| Four to five years | 6.4 | 6.4 | |||||
| Greater than five years | |||||||
| Total debt derivatives fair value (fair value, refer to note 11 for further derivatives breakdown) | 223.4 | 185.2 | 183.9 | 325.7 | 523.5 | 1,694.3 | 3,513.4 |
| Other financial liabilities | |
|---|---|
| Trade and other payables | |
| Finance lease liabilities | |
| Cash and cash equivalents |
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NZ Gazette 2012, No 140
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Transpower New Zealand Limited Financial Statements
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