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New Zealand Gazette – 1995 – No. 91

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✨ Financial Statements

2788 NEW ZEALAND GAZETTE No. 91

TRUSTPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1995

NOTE 11 : CURRENT LIABILITIES

BANK OVERDRAFT
ACCOUNTS PAYABLE AND ACCRUALS
PROVISION FOR DIVIDEND

LINE	ENERGY
$'000	$'000
-	78
4,101	3,009
1,642	1,252
5,743	4,339

NOTE 12 : NON CURRENT LIABILITIES

UNSECURED LOANS
SECURED LOANS
DEFERRED TAXATION

LINE	ENERGY
$'000	$'000
-	13,000
-	-
167	26
167	13,026

UNSECURED LOANS:
REPAYMENT TERMS
ONE TO TWO YEARS
TWO TO FIVE YEARS


-	-
-	13,000

WEIGHTED AVERAGE INTEREST


-	8.79%

NOTE 13 : FINANCIAL INSTRUMENTS

IN THE NORMAL COURSE OF BUSINESS, THE COMPANY INCURS CREDIT RISK FROM TRADE RECEIVABLES AND TRANSACTIONS WITH FINANCIAL INSTITUTIONS.

THE COMPANY HAS A CREDIT POLICY TO MANAGE THE RISK FROM TRADE RECEIVABLES AND HAS A PROVISION FOR TRADE RECEIVABLES THAT ARE UNLIKELY TO BE COLLECTED. THE COMPANY ALSO REQUIRES A BOND FROM CUSTOMERS WHO DO NOT MEET CERTAIN CREDIT CRITERIA.

THE COMPANY DOES NOT HAVE ANY SIGNIFICANT CONCENTRATION OF CREDIT RISK. THE COMPANY DOES NOT REQUIRE ANY COLLATERAL OR SECURITY TO SUPPORT FINANCIAL INSTRUMENTS AS IT ONLY DEPOSITS WITH BANKS OR OTHER FINANCIAL INSTITUTIONS WITH HIGH CREDIT RATINGS. THE COMPANY FURTHER MINIMISES ITS CREDIT EXPOSURE BY LIMITING THE AMOUNT OF FUNDS PLACED WITH ANY ONE FINANCIAL INSTITUTION AT ANY ONE TIME.

THE DIRECTORS ESTIMATE THAT THE CARRYING AMOUNTS OF FINANCIAL INSTRUMENTS IN THE BALANCE SHEET EQUAL THEIR FACE VALUE.

TRUSTPOWER LIMITED HAS ENTERED INTO A SERIES OF FORWARD RATE AND OPTION AGREEMENTS TO REDUCE THE IMPACT OF CHANGES IN INTEREST RATES ON ITS FLOATING RATE LOANS. THESE AGREEMENTS ARE TIMED TO MATURE AT THE TIME THE RELATED LOANS MATURE AND EFFECTIVELY FIX THE FLOATING RATE LOANS AS FOLLOWS:

LOAN	AGREEMENT	EFFECTIVE
$'000	EXPIRY	RATE
8,000	24 MAY 1996	9.46%
3,000	28 AUGUST 1995	9.05%

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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

🏭 TrustPower Limited Financial Performance Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Performance, Current Liabilities, Non-Current Liabilities, Financial Instruments, TrustPower

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