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17. FINANCIAL INSTRUMENTS (CONTINUED)
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
were 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.
COMPANY
AS AT 30 JUNE 2010
In NZ$M NZD USD AUD EUR JPY GBP OTHER TOTAL
Foreign currency risk
Non-derivative financial instruments
Cash and cash equivalents 1,009 5 35 1 1 3 7 1,061
Other interest-bearing assets 115 - 22 - - - - 137
Trade and other receivables (excluding prepayments) 123 58 16 10 5 16 17 245
Amounts owing from subsidiaries*** 763 (622) 26 - 2 - - 169
Amounts owing from associates 3 - - - - - - 3
Trade and other payables (122) (98) (50) (4) (5) (21) (14) (314)
Interest-bearing liabilities (230) - - - - - - (230)
Amounts owing to subsidiaries (1,216) (2) (28) - - - - (1,246)
Amounts owing to associates - (13) - - - - - (13)
Net financial position exposure before hedging activities 445 (672) 21 7 3 (2) 10 (188)
Foreign currency derivatives
Notional principal (NZ$M)
Cash flow hedges (1,065) 1,947 (339) (85) (143) (164) (150) 1
Non-hedge accounted (561) 621 (60) (1) - 2 - 1
Balance** (1,181) 1,896 (378) (79) (140) (164) (140) (186)
Cash flows in respect of foreign currency cash flow hedges
are expected to occur as follows:
Not later than 1 year (769) 1,563 (296) (82) (138) (154) (132) (8)
Later than 1 year and not later than 2 years (296) 384 (43) (3) (5) (10) (18) 9
(1,065) 1,947 (339) (85) (143) (164) (150) 1
** The balance represents hedges of highly probable forecast foreign currency operating and capital expenditure transactions.
*** A set-off arrangement is in place between a United States dollar denominated intercompany payable and a New Zealand dollar denominated
intercompany receivable from a wholly owned subsidiary.
AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2010
29