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New Zealand Gazette – 1995 – No. 108

Page 3459

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✨ Financial Instruments Notes

29 SEPTEMBER NEW ZEALAND GAZETTE 3459

Wairarapa Electricity Limited and Subsidiary Companies

Notes to the Accounts (continued)

17. Financial Instruments

Interest Rate Risk

Interest rate swaps and caps may be employed to manage interest rate exposure.

Credit Risk

Collateral

Due to the nature of the electricity supply industry collateral is not always obtained. While the group may be subject to credit losses up to the notional principal or contract amounts in the event of non performance by its counterparties, it does not expect such losses to occur.

Concentration of Credit Risk

The company places its cash with high credit quality financial institutions. Concentrations of credit risk with respect to accounts receivable are limited due to the large number of customers included in the company’s customer base.

Fair Value

The following methods and assumptions were used to estimate the fair value of each class of financial instruments of which it is practical to estimate that value:

Cash and Bank, Bank Deposits, Receivables, Current Liabilities

The carrying amounts of cash balances, receivables and current liabilities are equivalent to their fair value because of the short maturity of these balances.

Borrowings

The carrying value of borrowings approximates fair value because of the short maturity of the majority of this balance.

The Company anticipates holding borrowings to maturity therefore any fair value gain or loss is unlikely to be realised.

Wairarapa Electricity Limited held the following borrowings as at 31 March 1995:

Principal $000’s	Interest Rate	Maturity
5,000	10.12%	12 June 1995
500	13.55%	22 June 1995
1	11.25%	1 April 1995
1	13.00%	1 April 1996
------------------	---------------	--------------
5,502

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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 Instruments, Interest Rate Risk, Credit Risk, Fair Value, Borrowings, Wairarapa Electricity

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