✨ Financial Statements Notes
MERCURY ENERGY
MERCURY ENERGY LIMITED & SUBSIDIARIES
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1996 continued
22. FINANCIAL INSTRUMENTS continued
Concentrations of credit risk
| 1996 | 1995 | |||
|---|---|---|---|---|
| Line Activities | Electricity Retailing Activities | Other Activities | Total Activities | |
| $'000 | $'000 | $'000 | $'000 | |
| Bank Accounts | 575 | 30 | 1,318 | 1,923 |
The company is not exposed to any other concentrations of credit risk.
Foreign exchange contracts
At balance date the company had entered into foreign exchange contracts maturing during 1996 to purchase the equivalent of USD 22.410 million (sell equivalent NZD 33.168 million) and the equivalent CND 12.646 million (sell equivalent NZD 14.245 million) in foreign currency.
These are to cover purchases of stores and equipment to be made within the next year.
Interest Rate Risk
Interest rates on debt issued in the current year are generally fixed for periods of between one and three months at rates from 9.5% to 9.9%. The interest rates are based on the BKBM rate plus a margin. Interest rates on debt issued prior to 1 October 1993 are fixed until maturity at rates from 5.8% to 16.0%.
NEW ZEALAND GAZETTE
No. 158
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VUW Te Waharoa —
NZ Gazette 1996, No 158
NZLII —
NZ Gazette 1996, No 158
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Mercury Energy Financial Statements Notes
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💰 Finance & RevenueFinancial Instruments, Credit Risk, Bank Balances, Foreign Exchange Contracts, Interest Rate Risk, Mercury Energy