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New Zealand Gazette – 1997 – No. 119

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✨ Financial Statements

8 SEPTEMBER NEW ZEALAND GAZETTE 2829

TOP ENERGY LIMITED

SPECIAL PURPOSE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1997

FINANCIAL INSTRUMENTS

d. Electricity Price Hedging Contracts (continued)

Credit Risk
With respect to electricity price hedges, the Company’s exposure is on any potential difference between the spot price and the hedge price, where on maturity of these agreements the spot price is greater than the hedge price. The Company does not anticipate any non-performance of any obligations which may exist on maturity of these agreements.

Fair Value
The fair value of electricity price hedging contracts can vary from day to day as the spot market price for electricity varies. As at balance date the secondary market for electricity price hedging contracts was not sufficiently active in order to obtain a reliable measure of the fair value of the Company’s hedging contracts. On maturity of these agreements there is potentially an asset or liability in relation to the electricity price hedges which has not been recognised in the financial statements.
SEGMENT INFORMATION

The Company operates primarily in one industry: the electricity supply industry, and in one geographic location: Northland, New Zealand.
CAPITAL EXPENDITURE COMMITMENTS

The Company has material commitments for capital expenditure at 31 March 1997 of $92,333 (1996:nil).

DEBT RESTRUCTURING PROVISION

The Bay of Islands Electric Power Board resolved to restructure its long term debt prior to 30 April 1993 as the interest rates for the debt were materially higher than prevailing market rates. A provision was created to provide for the cost of restructuring this debt.

This provision vested in the Company on May 1 1993. The company now intends to repay the loans on the maturity date - as a result the remaining provision has been fully reversed in the current year.

The movement in the debt restructuring provision has been:

LINE	1997 $	ENERGY 1997 $
Vested balance 1 May 1993	4,027,539	12,272
Repayment of Term Debt 31 March 1995	(1,336,042)	(4,071)
Reassessments to 31 March 1995	(1,759,549)	(5,362)
Reassessment to 1 April 1995	(73,512)	(224)
Reassessment to 31 March 1996	(253,697)	(615)
Released to P&L in year ended 31 March 1997	604,739	2,000

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VUW Te Waharoa — NZ Gazette 1997, No 119

NZLII — NZ Gazette 1997, No 119

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Financial Instruments, Credit Risk, Fair Values, Electricity Price Hedging, Segment Information, Capital Expenditure Commitments, Debt Restructuring Provision

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