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New Zealand Gazette – 1995 – No. 95

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✨ Financial Statements Notes

2942 NEW ZEALAND GAZETTE No. 95

ROTORUA ELECTRICITY LIMITED

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1995.

NOTE

LOAN FINANCE

Loan	Interest	Maturity	GENERATION	LINES
Energy Advances Ltd 1993	9.65%	27.4.95	1,608,800	391,200
	10.07%	25.5.95	3,217,600	782,400
	10.04%	21.6.95	4,424,200	1,075,800
			9,250,600	2,249,400
Current Liability			804,400	195,600
Term Liability			8,446,200	2,053,800

STATEMENT OF COMMITMENTS

As at 31 March 1995, the Company has issued purchase orders to the value of $259,452 for the business units as follows:

GENERATION	LINES	OTHER
13,235	235,769	10,448

As at 31 March 1995 the Company had commitments for operating leases as follows:
Not later than one year $11,667

STATEMENT OF CONTINGENT LIABILITIES

There is currently a claim before The Waitangi Tribunal over the Rangitaiki and Wheao Rivers and particularly the Wheao and Aniwhenua Dams. Any outcome of this claim is not quantifiable. The Company believes that any claim will be the responsibility of the Crown and therefore no contingent liability is deemed to exist.

The previous contingent liability relating to the claim for break costs and legal expenses by Westpac Banking Corporation was settled through discussions and negotiations. The matter has now been resolved and a contingent liability no longer exists.

SUBSEQUENT EVENTS

Pursuant to a decision of the Rotorua Electricity Charitable Trust (51% shareholder of the Company) made on the 21 December 1994 the shares owned by the Trust were sold and transferred to Trustpower Limited of Tauranga on 1 May 1995. Subsequent to the sale, the Board of Rotorua Electricity Limited has resolved to enter into a management contract with Trustpower for the day to day running of the company. This has consequently lead to the redundancy of managerial positions within Rotorua Electricity Limited and the announcement that other staff positions are to become redundant. The intended sale of the administration building at Lake Road has also been announced. The financial effect of the redundancies and the sale of the building is unable to be quantified at this time.

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✨ LLM interpretation of page content

💰 Certification of Financial Statements for Rotorua Electricity Ltd (continued from previous page)

Domain💰 Finance & Revenue
Dated6 August 1995
KeywordsAudit, Financial Statements, Electricity, Certification, Rotorua Electricity Ltd

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