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New Zealand Gazette – 1995 – No. 91

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✨ Financial Statements

2766 NEW ZEALAND GAZETTE No. 91

TOP ENERGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1995

20. CAPITAL EXPENDITURE COMMITMENTS

The Company has no material commitments for capital expenditure at 31 March 1995, (31 March 1994: Nil).

21. DEBT RESTRUCTURING PROVISION

The Bay of Islands Electric Power Board resolved to restructure its long term debt prior to 30 April 1993 as the interest rates for the debt were materially higher than prevailing market rates. A provision was created to provide for the cost of restructuring this debt.

This provision vested in the Company on 1 May 1993. As the Company intends to restructure its long term debt when financial conditions are appropriate, the provision has been reassessed as at 31 March 1995.

The movement in the debt restructuring provision has been:


Vested balance 1 May 1993	4,383,000
Reassessment 31 March 1994	(722,016)
Repayment of Term Debt 31 March 1995	(1,453,958)
Reassessment 31 March 1995	(1,272,827)
Balance as at 31 March 1995	934,199

22. CONTINGENT LIABILITIES

The Company has contingent liabilities, not exceeding $2.75 million at 31 March 1995, for refundable capital contributions.

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.

Other contingent liabilities for calls on unlisted shares are not considered material.

(As at 31 March 1994, the same contingent liabilities applied).

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VUW Te Waharoa — NZ Gazette 1995, No 91

NZLII — NZ Gazette 1995, No 91

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✨ LLM interpretation of page content

💰 Financial Statements for Top Energy Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Fair Values, Segment Information, Electricity Supply, Northland

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