New Zealand Gazette – 1997 – No. 131

Page 3055

✨ Financial Statements

17 SEPTEMBER NEW ZEALAND GAZETTE

3055

The estimated fair values of the financial instruments are as follows:

	Lines $000	Generation $000	Energy Trading $000
	1997	1996	1997
Bank Balance
Carrying amount	(1,896)	(625)	584
Fair value	(1,896)	(625)	584
Short Term Deposits
Carrying amount	0	0	0
Fair value	0	0	0
Receivables
Carrying amount	2,227	1,206	0
Fair value	2,227	1,206	0
Payables
Carrying amount	1,200	1,517	517
Fair value	1,200	1,517	517
Term Loans
Carrying amount	9,707	10,417	19,413
Fair value	9,707	10,417	19,413
Interest Rate Swap:
Carrying amount	0	0	0
Fair value	116	308	233

The methods and assumptions used is that the carrying amount in the financial statements reflects the estimated fair value of the financial instruments including receivables, bank and short term deposits, payables and term loans. The fair value of interest rate swaps is estimated based on the quoted market prices of these instruments.

13. SIGNIFICANT EVENTS AFTER BALANCE DATE

On 24 April 1997, the company announced that its shareholder, South Taranaki District Council, had received an offer from Powerco Limited of $124.8m to buy the company. This offer is subject to South Taranaki District Council successfully completing negotiations in accordance with s. 88 of the Energy Companies Act.

The directors of the company have recommended that the shareholder accepts the offer from Powerco Limited.

14. RELATED PARTIES

In accordance with Section 44(5)(f)(i) of the Energy Companies Act 1992, we disclose details of all transactions entered into between Egmont Electricity Limited and its local authority Shareholder, the South Taranaki District Council, and between Egmont Electricity Limited and Westcorp Limited, a subsidiary of South Taranaki District Council.

Electricity Sales attributable to Energy Trading made to related parties for the twelve months ended 31 March 1997:

South Taranaki District Council $181,211 (1996 - $91,023)
Westcorp Limited $11,615 (1996 - $6,117)

Value of work done on behalf of Generation on the Patea Dam Reserve for the South Taranaki District Council for...

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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 Instruments, Fair Value, Bank Balance, Short Term Deposits, Receivables, Payables, Term Loans, Interest Rate Swap

🏭 Significant Events After Balance Date

Domain🏭 Trade, Customs & Industry
KeywordsShareholder, Offer, Powerco Limited, Energy Companies Act

🏭 Related Parties Transactions

Domain🏭 Trade, Customs & Industry
KeywordsElectricity Sales, South Taranaki District Council, Westcorp Limited, Energy Trading, Generation, Patea Dam Reserve

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