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New Zealand Gazette – 1996 – No. 133

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✨ Financial Statements

3252 NEW ZEALAND GAZETTE No. 133

TOP ENERGY LIMITED

SPECIAL PURPOSE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1996

17. SEGMENT INFORMATION

The Company operates primarily in one industry: the electricity supply industry, and in one geographic location: Northland, New Zealand.

18. CAPITAL EXPENDITURE COMMITMENTS

The Company has no material commitments for capital expenditure at 31 March 1996.

19. 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 May 1 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 1996.

The movement in the debt restructuring provision has been:

	LINE	ENERGY
Vested balance 1 May 1993	4,027,539	12,272
Repayment of Term Debt 31 March 1995	(1,336,042)	(4,071)
Reassessments to 31 March 1995	(1,759,549)	(5,362)
Reassessment at 1 April 1995	(73,512)	(224)
Reassessment 31 March 1996	(247,603)	(754)
Balance as at 31 March 1996	610,833	1,861

20. CONTINGENT LIABILITIES

The Company has contingent liabilities, not exceeding $2.75 million at 31 March 1996, for refundable capital contributions (Line Business).

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VUW Te Waharoa — NZ Gazette 1996, No 133

NZLII — NZ Gazette 1996, No 133

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✨ LLM interpretation of page content

🏭 Electricity Information Disclosure for Top Energy Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsElectricity, Financial Statements, Segment Information, Capital Expenditure, Debt Restructuring, Contingent Liabilities, Top Energy Limited

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