New Zealand Gazette – 1996 – No. 147

Page 3523

✨ Financial Statements

11 OCTOBER
NEW ZEALAND GAZETTE
3523

CITIPOWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS ... continued

12 RELATED PARTY TRANSACTIONS

There is an advance from Capital Power Limited of $1,000,000 (1995: $1,000,000) to complete the purchase of non-distribution assets from Nelson City Council. Capital Power Limited charges the Company interest on the advance at the 30 day Bank Bill Rate plus two percent. The total interest charge was $107,528 (1995: $136,186).

Capital Power Limited provided accounting and computer services to the Company on an arms length basis. The term of the agreement extends to 30 June 1996.

The management fee totals $1,418,362 (1995:$1,055,000). The Company owes Capital Power Limited $669,996 (1995: $367,000) for management fees and sundry charges.

The Company paid Nelson City Council $762,216 (1995: $799,478) for lease payments for leasing the distribution system.

The Company paid Nelson City Council $617,856 and owes $574,578 (1995: $1,014,000) for participation fees. This is for management services and the right for the Company to manage the distribution system in their own right.

No related party debts have been written off or forgiven during the year.

13 FINANCIAL INSTRUMENTS

Credit Risk
Financial instruments which potentially subject the Company to credit risk principally consist of Cash and Bank Balances, Accounts Receivable and Short Term Investments.

The Company performs credit evaluations on customers where possible and generally requires a bond. The Company continuously monitors the credit quality of the major financial institutions that are counter parties to its Short Term Investments and does not anticipate non-performance by counter parties.

The maximum exposures discussed below are 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.

Currency Risk
The Company is not involved in foreign exchange trading and has no exposure to foreign currency risk.

Interest Rate Risk
There are no interest rate options or interest rate swap agreements in place as at balance date.

Fair Values
The estimated fair values of all financial instruments are the same as the carrying values disclosed in these financial statements.

Credit Facility
The Company did not have a bank overdraft facility as at balance date (1995: $0).

14 SEGMENTAL REPORTING

The Company operates in the electricity distribution industry in the Nelson region. No segmental reporting is therefore required.

15 EVENT SUBSEQUENT TO BALANCE DATE

On 22 June 1996 the shareholding of the Company changed from 100% ownership by Capital Power Limited to 49% Capital Power Limited and 51% Capital City Investments Limited.

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VUW Te Waharoa — NZ Gazette 1996, No 147

NZLII — NZ Gazette 1996, No 147

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✨ LLM interpretation of page content

🏭 Citipower Limited Financial Performance Statement (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Electricity, Income, Expenses, Citipower Limited, Related Party Transactions, Financial Instruments, Segmental Reporting, Shareholding Changes

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