New Zealand Gazette – 1996 – No. 104

Page 2680

✨ Financial Statements

2680 NEW ZEALAND GAZETTE No. 104

Notes to and Forming Part of the Financial Statements

For the Year Ended 31 March 1996

4 RETAINED EARNINGS

	1996	1995
	$000	$000
Balance as at 31 March 1995		5,509
	14,868
Operating Surplus After Taxation	11,059	10,470
Dividends paid and proposed	(16,908)	(5,064)
Transfer from (to) reserves	(2,440)	3,953
Transfer to tax provision	(133)	-
Balance as at 31 March 1996	6,446	14,868

5 FINANCIAL INSTRUMENTS

Financial instruments which potentially subject the Company to credit risk principally consist of bank balances and accounts receivable. The five largest accounts receivable balances as at 31 March 1996 comprise 8.63% of total accounts receivable. Cash deposits are only made with registered banks, no specific concerns regarding credit risk exist.

The company has established a Wholesale Term Advances Facility with the Westpac Banking Corporation of up to $25 million dollars. At 31 March 1996 the amount drawn down from this facility amounted to $9.045 million. Interest is charged to the company according to the daily wholesale lending rate. The facility is based on a revolving credit and as such does not have set repayment dates.

The company performs credit evaluations on customers where possible. New customers with known high credit risk are required to pay a bond before energy is supplied to them.

All financial instruments are recorded in the financial statements at carrying values which are not materially different from estimated fair values. No undisclosed financial instruments exist.

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VUW Te Waharoa — NZ Gazette 1996, No 104

NZLII — NZ Gazette 1996, No 104

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

🏭 Powerco Limited Statement of Movements in Equity (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statement, Equity, Share Capital, Reserves, Retained Earnings, Financial Instruments

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