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New Zealand Gazette – 1995 – No. 112

Page 3577

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✨ Financial Statements

9 OCTOBER

NEW ZEALAND GAZETTE

3577

WEL ENERGY GROUP LIMITED

ENERGY BUSINESS

1995

($000s)

7 Current liabilities

Trade creditors 3,984
Customer deposits 224
Provision for annual and long service leave 42
Provision for taxation 6
```
                 4,256
```

8 Contingencies

A contingency could arise for the difference between market and hedged energy prices should surplus energy units have to be sold on the spot market. It is not possible to quantify the value of this contingency, should it arise.

9 Financial Instruments

In the normal course of its business, the company incurs credit risk from trade receivables from energy customers. A provision has been set up for trade receivables which are unlikely to be collected.

The company has a credit policy which is used to manage this exposure to credit risk. As part of this policy, limits on exposure have been set and are monitored on a regular basis. There are no significant concentrations of credit risk and the company does not require any collateral.

The Directors estimate that the carrying amounts of financial instruments in the Balance Sheet equal their fair values.

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VUW Te Waharoa — NZ Gazette 1995, No 112

NZLII — NZ Gazette 1995, No 112

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Financial Statements for WEL Energy Group Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Current Liabilities, Contingencies, Financial Instruments, WEL Energy Group Limited

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