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New Zealand Gazette – 1995 – No. 108

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✨ Financial Accounts

29 SEPTEMBER NEW ZEALAND GAZETTE 3457

Wairarapa Electricity Limited and Subsidiary Companies

Notes to the Accounts (continued)

15. Contingent Liabilities

The following contingent liabilities have not been accrued in the financial statements as at 31 March 1995.

	Parent and Consolidated 1995 $000s	Line business 1995 $000s	Energy and other business 1995 $000s
(i) Guarantees given to Horowhenua Energy Limited by ANZ Banking Group (New Zealand) Limited on Wairarapa Electricity Limited’s behalf. These guarantees are performance bonds given in relation to contract work being undertaken by Wairarapa Electricity Limited.	150	-	150
(ii) Guarantee given to the New Zealand Stock Exchange by ANZ Banking Group (New Zealand) Limited on Wairarapa Electricity Limited’s behalf.	75	65	11
(iii) Uncalled capital in PowerBuy Group Limited. Wairarapa Electricity Limited holds shares in PowerBuy Group Limited.	25	-	25
(iv) Wairarapa Electricity Limited is negotiating to sell its head office premises. It is expected that the building will be sold for an amount not less than its net book value. If the premises are sold the head office function will be relocated. Therefore, a contingent liability for relocation and fitting out the new premises exists. This is contingent on the sale of head office. It is anticipated that the majority of this work will be capitalised and the after tax effect on net profit will be minimal.
(v) Various indemnities have been given to contractors working on the hydro dam project. It is considered unlikely that these indemnities will be called upon and therefore it is not necessary to provide for any liability. These liabilities relate to energy and other business.

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VUW Te Waharoa — NZ Gazette 1995, No 108

NZLII — NZ Gazette 1995, No 108

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💰 Notes to the Accounts of Wairarapa Electricity Limited and Subsidiary Companies (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Accounts, Contingent Liabilities, Guarantees, Indemnities, Wairarapa Electricity

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