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New Zealand Gazette – 1995 – No. 78

Page 2155

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✨ Company Financial Statements

11 AUGUST NEW ZEALAND GAZETTE 2155

TAUPO ELECTRICITY LIMITED

Notes (cont)

16. CAPITAL EXPENDITURE AND LEASING COMMITMENTS

There were no commitments to capital expenditure or leases at balance date.

17. CONTINGENT LIABILITIES

Taupo Electricity Limited has provided a guarantee to the Bank of New Zealand for a commercial bill facility to Taupo Generation Limited. At 31 March 1995, principal and interest outstanding totalled $4,229,917.

Taupo Electricity Limited has been notified of a claim by the Lake Taupo Forest Trust for compensation related to the use of land over which a portion of the electricity distribution network has previously been constructed. Directors have insufficient detail to assess this claim.

Taupo Electricity Limited has also been notified by an employee of a claim ($5,000) being made against the company by that employee.

As part of the desiltation work at the Hinemaiaia HA hydro station lake carried out in April 1994, Taupo Generation Limited gave an indemnity to the Lake Taupo Forest Trust for any damage that may occur. No claim has eventuated or is expected against this indemnity.

During the public consultation on the proposed sale of the company, local Iwi (Ngati Tuwharetoa) indicated that they believed there was a possible claim over the riverbed of the Hinemaiaia River, where Taupo Generation Limited hydro stations are located. They have requested that any claim be finalised prior to the sale.

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VUW Te Waharoa — NZ Gazette 1995, No 78

NZLII — NZ Gazette 1995, No 78

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✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for Taupo Electricity Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Capital Reserves, Related Party Transactions, Sale of Company

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