Air New Zealand 2009 Annual Report Download - page 29

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17. FINANCIAL INSTRUMENTS (CONTINUED)
Air New Zealand’s exposure to foreign exchange risk on financial instruments outstanding at reporting date is summarised as follows:
GROUP
AS AT 30 JUNE 2009
In NZ$M NZD USD AUD EUR JPY GBP OTHER TOTAL
Foreign currency risk
Non-derivative financial instruments
Cash and cash equivalents 1,544 10 4 2 4 2 7 1,573
Other interest-bearing assets 130 - - - - - - 130
Trade and other receivables (excluding prepayments) 167 47 30 7 4 25 15 295
Amounts owing from associates 1 - - - - - - 1
Trade and other payables (159) (118) (54) (4) (6) (20) (13) (374)
Interest-bearing liabilities (494) (785) - - - - - (1,279)
Amounts owing to associates - - (1) - - - - (1)
Net financial position exposure before hedging activities 1,189 (846) (21) 5 2 7 9 345
Foreign currency derivatives
Notional principal (NZ$M)
Cash flow hedges (1,177) 2,030 (317) (115) (150) (229) (121) (79)
Non-hedge accounted (1,000) 913 (39) 2 (9) (9) - (142)
Balance* (988) 2,097 (377) (108) (157) (231) (112) 124
Cash flows in respect of foreign currency cash flow hedges
are expected to occur as follows:
Not later than 1 year (1,022) 1,833 (297) (105) (140) (210) (110) (51)
Later than 1 year and not later than 2 years (155) 197 (20) (10) (10) (19) (11) (28)
(1,177) 2,030 (317) (115) (150) (229) (121) (79)
* The balance represents hedges of highly probable forecast foreign currency operating and capital expenditure transactions.
GROUP
AS AT 30 JUNE 2008
In NZ$M NZD USD AUD EUR JPY GBP OTHER TOTAL
Foreign currency risk
Non-derivative financial instruments
Cash and cash equivalents 1,263 2 3 2 4 1 14 1,289
Other interest-bearing assets 130 - - - - - - 130
Trade and other receivables (excluding prepayments) 219 68 26 11 14 22 23 383
Amounts owing from associates 1 - - - - - - 1
Trade and other payables (178) (203) (55) (5) (6) (20) (13) (480)
Interest-bearing liabilities (532) (793) - - - - - (1,325)
Amounts owing to associates - - (1) - - - - (1)
Net financial position exposure before hedging activities 903 (926) (27) 8 12 3 24 (3)
Foreign currency derivatives
Notional principal (NZ$M)
Cash flow hedges (1,392) 2,603 (478) (160) (137) (363) (160) (87)
Non-hedge accounted (870) 891 25 2 (7) (4) 3 40
Balance* (1,359) 2,568 (480) (150) (132) (364) (133) (50)
Cash flows in respect of foreign currency cash flow hedges
were expected to occur as follows:
Not later than 1 year (1,068) 2,219 (436) (152) (132) (351) (147) (67)
Later than 1 year and not later than 2 years (324) 384 (42) (8) (5) (12) (13) (20)
(1,392) 2,603 (478) (160) (137) (363) (160) (87)
* The balance represents hedges of highly probable forecast foreign currency operating and capital expenditure transactions.
AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2009
27