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New Zealand Gazette – 1995 – No. 91

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✨ Financial Statements

2764 NEW ZEALAND GAZETTE No. 91

TOP ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1995

18. FINANCIAL INSTRUMENTS

a) Currency and Interest Rate Risk:

Nature of activities and management policies with respect to financial instruments:

(i) Currency
The Company does not enter into any material foreign exchange transactions.
The Company does not use currency interest rate swaps, forward foreign
exchange contracts or currency options.

The Company believes it has no material exposure to currency risk at any time.

(ii) Interest Rate
The Company has long-term fixed rate borrowings which are used to fund
ongoing activities. At balance date each year these long-term borrowings are
reassessed to provide for the cost of converting the debt to the fair market value
at that date. A provision has been set up for this reassessment purpose.

The Company has not entered into any interest rate swaps, forward rate
agreements, interest rate options or interest rate futures.

The Company has no off-balance sheet financial instruments.

(iii) Repricing Analysis
As term debt has been revalued to fair market value, the Company has no financial
instruments for which repricing analysis would result in a repricing.

b) Concentration of Credit Risk

In the normal course of its business, the Company incurs credit risk from trade
debtors and transactions with financial institutions.

The Company has a credit policy which is used to manage its exposure to credit
risk. As part of this policy, limits on exposures with counterparties have been set
& approved by the Board of Directors and are monitored on a regular basis. The
Company does not have any significant concentrations of credit risk. The
Company does not require any collateral or security to support financial
instruments as it only deposits with, or lends to, banks and other financial
institutions of recognised quality. The Company does not expect the non-
performance of any material obligations at balance date.

... continued...

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VUW Te Waharoa — NZ Gazette 1995, No 91

NZLII — NZ Gazette 1995, No 91

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 Top Energy Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Currency Risk, Interest Rate Risk, Credit Risk, Borrowings

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