New Zealand Gazette – 1997 – No. 131

Page 3054

✨ Financial Statements

3054 NEW ZEALAND GAZETTE No. 131

10. RETAINED EARNINGS

| | Lines | Generation | Energy Trading |
| | $000 | $000 | $000 |
| | 1997 | 1996 | 1997 | 1996 | 1997 | 1996 |

Opening balance | 4,247 | 1,553 | 5,383 | 2,047 | 1,438 | 833 |
Net surplus after tax | 1,119 | 2,694 | 2,722 | 3,336 | 207 | 605 |
Dividend charge | 5,366 | 4,247 | 8,105 | 5,383 | 1,645 | 1,438 |
| (1,187)| 0 | (1,532)| 0 | 0 | 0 |
Net surplus attributable to shareholders | 4,179 | 4,247 | 6,573 | 5,383 | 1,645 | 1,438 |

11. CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS

Egmont Electricity Limited has committed itself to partially funding the development of a covered swimming pool in Hawera. It is not known when the funding will be required, but the expected amount is $150,000.

Egmont Electricity Limited, through PowerBuy Group Limited, purchases hedge contracts to limit its exposure to fluctuations in the spot price for electricity. As a result of the contracts referring to specific exit points from the national grid and as a result of the volume not being specified, it is not possible to quantify the value of contracts in existence at 31 March 1997.

Egmont Electricity Limited has provided a bankers guarantee on behalf of PowerBuy Group Limited. This is required by PowerBuy to operate in the electricity market. The guarantee results in Egmont Electricity Limited having a maximum exposure of $739,711.

12. FINANCIAL INSTRUMENTS

Credit Risk

Financial instruments which potentially subject the Company to credit risk principally consist of bank balances and accounts receivable.

The Company performs credit evaluations on all customers requiring credit and generally does not require collateral.

Maximum exposures to credit risk as at balance date are:

| | Lines | Generation | Energy Trading |
| | $000 | $000 | $000 |
| | 1997 | 1996 | 1997 | 1996 | 1997 | 1996 |

Bank Balances | (1,896)| (625) | 584 | 365 | 1,152 | 531 |
Short Term Deposits | 0 | 0 | 0 | 0 | 0 | 902 |
Receivables | 2,237 | 1,206 | 0 | 691 | 1,471 | 1,232 |

Credit Facilities

The Company has total term liabilities of $29,119,612 at 31 March 1997 as detailed in Note 8.

Fair Values

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VUW Te Waharoa — NZ Gazette 1997, No 131

NZLII — NZ Gazette 1997, No 131

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✨ LLM interpretation of page content

🏭 Statement of Financial Position for Egmont Electricity Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Retained Earnings, Contingent Liabilities, Capital Commitments, Credit Risk, Financial Instruments

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