New Zealand Gazette – 1996 – No. 138

Page 3313

✨ Financial Statements

2 OCTOBER NEW ZEALAND GAZETTE 3313

TAURANGA ELECTRICITY LIMITED

INVESTMENT
Shares - PowerBuy Group Ltd
102,050 Ordinary $1 shares paid to 12.50¢
Loans and advances
Tauranga Joint Generation Committee
TrustPower Limited

Line
Business
1996

Line
Business
1995

Other
Businesses
1996

Other
Businesses
1995

0
0
102,050
5,000

28,247
0
1,753
0

0
0
11,628,614
11,628,614

0
0
2,500
2,500

$28,247
$ 0
$11,734,917
$11,636,114
FINANCIAL INSTRUMENTS

Credit Risk
Financial instruments which potentially subject the company to credit risk principally consist of bank balances and accounts receivable. Generally the company does not require collateral. Maximum exposure to credit risk is the amount stated in the financial statements and is net of any recognised provision for losses on these financial instruments.

Concentrations of Credit Risk
The company is not exposed to any concentrations of credit risk.

Credit Facilities
The company has a bank overdraft facility of $500,000.

Interest Rate Risk
The interest rate risk is limited to the effective interest rate on term loans.

Fair Values
The methods and assumptions used are that the carrying amount in the financial statement reflects the estimated fair value of the financial instruments including receivables, bank and investments, accounts payable and term liabilities. The company anticipates term liabilities and investments will be held to maturity.
CONTINGENT LIABILITIES
The company had no contingent liabilities at balance date.

Guarantee
The company purchases its energy at the spot price from Kaimai Hydropower Limited. It has also entered into a contract with PowerBuy Ltd for hedges. Any potential liability of the company for the difference between the hedged price and the spot price cannot be quantified.

The accompanying Statement of Accounting Policies and Notes form part of and are to be read in conjunction with these Financial Statements. The Financial Statements have been prepared solely for the purpose of complying with Regulations 6[2] and 6[3] of the Electricity [Information Disclosure] Regulations 1994 and are not intended for any other purpose. [A:DR96]

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✨ LLM interpretation of page content

🏭 Certification of Financial Statements and Performance Measures by Tauranga Electricity Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated7 August 1996
KeywordsElectricity, Financial Statements, Performance Measures, Certification, Tauranga

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