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The provision for impairment has been calculated based on expected losses determined by an analysis of losses in previous periods

and a review of specific debtors.

Receivables from exchange transactions for the Group include GST/VAT refunds comprising 70% (65% in 2014) of total receivables as

follows:

Group

Parent

2015

$000s

2014

$000s

2015

$000s

2014

$000s

GST Refund due from NZ Inland Revenue Department

781

622

781

622

GST Refund due from Australian Taxation Office

232

617

232

617

Consumption Tax Refund from Japan Tax Office

155

55

155

55

VAT Refund due from UK Revenue & Customs

275

53

275

53

1,443

1,347

1,443

1,347

Note 11

Derivative financial instrument

Tourism New Zealand uses foreign exchange instruments in order to manage its exposure to fluctuations in foreign currency exchange

rates on normal operating activities. The instruments are matched with anticipated future cash flows in foreign currencies. Tourism

New Zealand does not use financial instruments for speculative purposes. At balance date Tourism New Zealand had 78 (2014: 112)

foreign exchange contracts maturing at various dates over the next 24 months. The contracts are financial assets at fair value through

profit or loss and designated as held for trading financial instruments with fair value gains or losses recognised in the Statement of

Comprehensive Income.

Foreign currency forward exchange contracts:

Group

Parent

2015

$000s

2014

$000s

2015

$000s

2014

$000s

Foreign exchange contracts at 30 June — Sell Value

70,470

105,830

70,470

105,830

Fair value Derivatives in Gain / (Loss)

6,770

(1,766)

6,770

(1,766)

Foreign exchange contracts at 30 June — Buy Value

77,240

104,064

77,240

104,064

Foreign exchange contracts by currency:

United States Dollar

31,306

50,840

31,306

50,840

British Pound

4,680

6,168

4,680

6,168

Australian Dollar

33,441

31,978

33,441

31,978

European Euro

-

6,680

-

6,680

Japanese Yen

4,746

5,107

4,746

5,107

Thai Baht

404

-

404

-

Singapore Dollar

2,664

2,629

2,664

2,629

Hong Kong Dollar

-

662

-

662

77,241

104,064

77,241

104,064

Note 10 continued

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