✨ Financial Statements
9 SEPTEMBER
NEW ZEALAND GAZETTE
TRUSTPOWER LIMITED AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS.
FOR THE 12 MONTHS ENDED 31 MARCH 1996
NOTE 12: CURRENT LIABILITIES
| LINE BUSINESS | ENERGY BUSINESS | GENERATION BUSINESS | |
|---|---|---|---|
| $'000 | $'000 | $'000 | |
| ACCOUNTS PAYABLE AND ACCRUALS | 5,025 | 7,981 | 729 |
| PROVISION FOR DIVIDEND | 1,713 | 212 | 1,910 |
| TOTAL | 6,738 | 8,193 | 2,639 |
NOTE 13: NON CURRENT LIABILITIES
| LINE BUSINESS | ENERGY BUSINESS | GENERATION BUSINESS | |
|---|---|---|---|
| $'000 | $'000 | $'000 | |
| UNSECURED LOANS | 42,178 | 866 | 48,022 |
| DEFERRED TAXATION | (16) | (2) | (18) |
| TOTAL | 42,162 | 864 | 48,004 |
UNSECURED LOANS:
REPAYMENT TERMS
ONE TO TWO YEARS
TWO TO FIVE YEARS
| LINE BUSINESS | ENERGY BUSINESS | GENERATION BUSINESS | |
|---|---|---|---|
| $'000 | $'000 | $'000 | |
| - | - | - | |
| 42,178 | 866 | 48,022 |
WEIGHTED AVERAGE INTEREST
| LINE BUSINESS | ENERGY BUSINESS | GENERATION BUSINESS | |
|---|---|---|---|
| 8.69% | 8.69% | 8.69% |
NOTE 14: 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 $'000 | AGREEMENT EXPIRY | EFFECTIVE RATE |
|---|---|---|
| 1,500 | 23-Dec-96 | 9.03% |
| 6,000 | 27-Mar-97 | 9.20% |
| 8,000 | 31-Mar-97 | 8.31% |
| 8,000 | 24-May-97 | 9.82% |
| 6,000 | 24-May-97 | 9.82% |
| 14,000 | 27-May-97 | 9.15% |
| 3,000 | 27-May-97 | 9.77% |
| 2,000 | 10-Jul-97 | 9.72% |
| 4,000 | 23-Dec-97 | 9.60% |
| 8,000 | 31-Mar-98 | 8.10% |
| 8,000 | 31-Mar-99 | 8.03% |
| 8,000 | 31-Mar-00 | 7.90% |
| 8,000 | 31-Mar-01 | 7.87% |
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VUW Te Waharoa —
NZ Gazette 1996, No 111
NZLII —
NZ Gazette 1996, No 111
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Trustpower Limited Financial Statements
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💰 Finance & RevenueFinancial Statements, Current Liabilities, Non-Current Liabilities, Financial Instruments, Trustpower