New Zealand Gazette – 1997 – No. 105

Page 2461

✨ Financial Statements Continuation

Under these contracts King Country Energy Limited agrees a fixed price (hedge price) for its estimated electricity needs with ECNZ and / or Contact NZ Ltd. On maturity of these agreements any difference between the hedge price and the spot market price is settled between the parties. Settlement occurs irrespective of the amount of electricity actually supplied. If the spot market price is greater than the hedge price, ECNZ and Contact NZ Ltd must settle the difference with King Country Energy Limited. Conversely if the spot market price is less than the hedge price, King Country Energy Limited must settle the difference with ECNZ and / or Contact NZ Ltd respectively.

RELATED PARTY TRANSACTIONS
The only related party of the Company is the King Country Electric Power Trust.
All transactions with related parties are made on normal Terms and Conditions.
No related party debts were forgiven or written off during the period.
There have been no related party transactions of a material nature other than the payment of dividends to the Trust of $80,000.
CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
At 31 March 1997 the Company has not entered into any contracts to purchase and install Capital Equipment of a major nature.
OPTIMISED DEPRIVAL VALUE
An Optimised Deprival Valuation (ODV) of the Network Business of the Company was carried out as at 31 March 1997, during the 1996/97 Financial Year. This valuation was carried out for information disclosure purposes under the Energy Companies Act 1992, Electricity Act 1992 and The Electricity (Information Disclosure) Regulations 1994. Under the ODV Methodology the value of the Network Assets as at 31 March 1997 was $27.3 million. (1996 $25.3 million)
NETWORK, ENERGY TRADING AND GENERATION BUSINESS VALUATIONS
At the same time as the ODV was carried out a valuation of the Network, Energy Trading and Generation businesses was prepared. This valued the overall business at $45 million (1996: $35 million). This value has not been taken into account in the financial records of the Company.

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VUW Te Waharoa — NZ Gazette 1997, No 105

NZLII — NZ Gazette 1997, No 105

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements of King Country Energy Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Financial Instruments, Fair Values, Credit Risk, Market Risk, Electricity Hedge Contracts

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