New Zealand Gazette – 1996 – No. 97

Page 2532

✨ Financial Statements and Related Transactions

14.2 Credit Risk
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash deposits, short term investments and debtors. The maximum credit risk is the book value of these financial instruments however, the Company considers the risk of non recovery of these amounts to be minimal.
The Company places its cash deposits with high credit quality financial institutions. Concentration of credit risk with respect to accounts receivable is limited due to the large number of customers.
The Company holds hire purchase contracts over home appliances sold on the basis of time payment.

14.3 Forward Exchange Contracts
The following contracts were in place at balance date in respect of turbine, generator and transformer equipment being sourced in Sweden and Australia for the Waihopai Power Station Upgrade.

Waihopai Power Scheme upgrade
Turbines and Generators No1 28 June 1996 SEK4.7029/$NZ 684,259 SEK4.4632/$NZ
No2 (final) 1 Nov 1996 SEK4.7085/$NZ 113,817 SEK4.4632/$NZ
Transformers No 1(final) 26 Aug 1996 AUD .8939/$NZ 71,295 AUD .8621/$NZ

RELATED PARTIES
Related party transactions involve the advance of short term funds to (and the subsequent repayment from) the Marlborough Electric Power Trust. The Company dividend is also paid to the same Trust. The Company paid dividends totalling $1,200,000 to the trust and the company charged the trust $6,750 for secretarial services. As at 31 March 1996 the Trust owed $19,475 to the Company.

The Company contracted with parties associated with certain Directors of Marlborough Electric Ltd. These transactions involve the provision of legal and consulting services at normal commercial rates.

Radich Dwyer Hardy-Jones Clark (PJ Radich) 1995/96 $43,559 1994/95 $19,111
E-Dec Limited (EA Hudson) $118,126 $77,380

SEGMENTAL INFORMATION
The Company operates predominantly in the electricity distribution sector and undertakes generation, purchase, distribution and sale of electricity, the sale of associated electrical appliances and the construction and maintenance of electric lines in the Marlborough region.
COMMITMENT FOR FUTURE ENERGY PURCHASES
The Company has entered into wholesale electricity contracts for the purchase of a proportion of its energy needs for the six month period ended 30 September 1996. Under these contracts the company buys fixed quantities of electricity forward at fixed prices (hedge prices).
SUBSEQUENT EVENTS
After balance date the company purchased a 50% holding in Nelson Electricity Limited at a cost of $15.125m. This purchase has no effect on the financial results for the year to 31 March 1996.

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VUW Te Waharoa — NZ Gazette 1996, No 97

NZLII — NZ Gazette 1996, No 97

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✨ LLM interpretation of page content

💰 Credit Risk Management

Domain💰 Finance & Revenue
KeywordsCredit Risk, Cash Deposits, Short Term Investments, Debtors, Hire Purchase Contracts

💰 Forward Exchange Contracts

Domain💰 Finance & Revenue
KeywordsForward Exchange Contracts, Waihopai Power Station, Turbines, Generators, Transformers

💰 Related Party Transactions

Domain💰 Finance & Revenue
KeywordsRelated Parties, Marlborough Electric Power Trust, Dividends, Legal Services, Consulting Services

💰 Segmental Information

Domain💰 Finance & Revenue
KeywordsElectricity Distribution, Generation, Purchase, Sale, Electrical Appliances, Electric Lines

💰 Commitment for Future Energy Purchases

Domain💰 Finance & Revenue
KeywordsEnergy Purchases, Electricity Contracts, Hedge Prices

💰 Subsequent Events

Domain💰 Finance & Revenue
KeywordsNelson Electricity Limited, Acquisition, Financial Results

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