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New Zealand Gazette – 1997 – No. 119

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✨ Financial Statements Notes

8 SEPTEMBER NEW ZEALAND GAZETTE 2827

TOP ENERGY LIMITED

SPECIAL PURPOSE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1997

RELATED PARTY TRANSACTIONS

There have been no material related party transactions requiring disclosure in accordance with SSAP 22 "Related Party Disclosures", apart from the following:

i. Bay of Islands Electric Power Trust:

For the period ended 31 March 1997, Top Energy Limited paid $45,000 (Line Business $42,435, Energy Trading $540) in the form of a dividend to the above Trust (1996: $60,000). This payment is reflected in the statement of financial performance of Top Energy Limited.

During the period Top Energy processed transactions on an agency basis on behalf of the Trust in order to settle routine business dealings. At 31 March 1997, a balance of $5,732 (1996: $3,477) owing by the Trust to the Company has been included in accounts receivable in the statement of financial position.

ii. PowerBuy Group Limited:

These shares represent 19.94% of the total shares of PowerBuy. The Chief Executive of Top Energy is a director of PowerBuy. The Chairman of Directors is his Alternate.

Top Energy purchased electricity units through PowerBuy and the cost of this purchase for the year ended 31 March 1997 was $14,185,133 excluding GST (1996: $12,677,504). The balance owing by Top Energy to PowerBuy as at 31 March 1997 was $1,423,243 (1996: $1,182,796) and is included in accounts payable.

All transactions with PowerBuy and with the Power Trust are made on normal business terms.

FINANCIAL INSTRUMENTS

a. Currency and Interest Rate Risk

Nature of activities and management policies with respect to financial instruments:

i. Currency

The Company has undertaken foreign currency transactions from time to time in connection with its activities.

ii. Interest Rate

The Company entered into a $10m revolving Facility Agreement on 23 December 1996 with the Bank of New Zealand. This allows borrowings to be made at fixed or floating interest rates and over variable periods.

The Company has not entered into interest rate swaps, forward agreements or futures transactions.

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VUW Te Waharoa — NZ Gazette 1997, No 119

NZLII — NZ Gazette 1997, No 119

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

🏭 Notes to the Special Purpose Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated8 September 1997
KeywordsFinancial Statements, Related Party Transactions, Financial Instruments, Currency Risk, Interest Rate Risk

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