New Zealand Gazette – 1997 – No. 117

Page 2771

✨ Financial Statements Continuation

MercuryEnergy

Mercury Energy Limited and Subsidiaries

Notes to and forming part of the financial statements for the year ended 31 March 1997 continued

22. FINANCIAL INSTRUMENTS continued

The above maximum exposures are net of any recognised provision for losses on these financial instruments. Collateral in the form of customer bonds totalling $1,356 million is held in respect of the above amounts.

Concentrations of Credit Risk

	1997		1996
	Line Activities	Electricity Retailing	Other Activities
	$000	$000	$000
Bank balances
	495	508	949

The group is not exposed to any other concentrations of credit risk.

Foreign exchange contracts

At balance date the group entered into foreign exchange contracts maturing during 1997 to purchase the equivalent of NZ$17.619 million in foreign currency.

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 7.4% to 8.8%. 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 11.7%

Fair values

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Accounts receivable, bank balances, money market deposits, accounts payable, short term liabilities, long term liabilities, investments (except listed equities). The carrying amount is the fair value for each of these classes of financial instrument and accordingly they are excluded from the table below.

Listed equity investments

The fair value of this class of financial instrument is equal to the quoted market price.

Foreign currency forward exchange contracts

The fair value of this class of financial instrument is based on the quoted market price of comparable instruments.

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VUW Te Waharoa — NZ Gazette 1997, No 117

NZLII — NZ Gazette 1997, No 117

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Mercury Energy Limited and Subsidiaries Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Credit Risk, Electricity Price Hedging, Revenue, Accounts Receivable, Foreign Exchange Contracts, 1997, 1996

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