New Zealand Gazette – 1997 – No. 92

Page 2204

✨ Financial Statements

2204
NEW ZEALAND GAZETTE
No. 92

TAURANGA ELECTRICITY LIMITED

INVESTMENT

Shares - PowerBuy Group Ltd 102,050 ordinary $1 shares paid to 12.50¢	Line Business 1997	Line Business 1996	Line Business 1995	Other Business 1997	Other Business 1996	Other Business 1995
	-	-	-	102,050	102,050	5,000
Loans and advances	28,254	28,247	-	1,747	1,753	-
Tauranga Joint Generation Committee	-	-	-	11,719,272	11,628,614	11,628,614
TrustPower Ltd	-	-	-	2,500	2,500	2,500
	$28,254	$28,247	$0	$11,825,568	$11,734,917	$11,636,114

FINANCIAL INSTRUMENTS

Credit Risk
Financial instruments which potentially subject the company to credit risk principally consist of bank balances and accounts receivable. Generally the company does not require collateral. Maximum exposure to credit risk is the amount stated in the financial statements and is net of any recognised provision for losses on these financial instruments.

Concentrations of Credit Risk
The company is not exposed to any concentrations of credit risk.

Credit Facilities
The company has a bank overdraft facility of $500,000.

Interest Rate Risk
The interest rate risk is limited to the effective interest rate on term loans.

Fair Values
The methods and assumptions used are that the carrying amount in the financial statement reflects the estimated fair value of the financial instruments including receivables, bank and investments, accounts payable and term liabilities. The company anticipates term liabilities and investments will be held to maturity.

Hedge Contracts
Tauranga Electricity Ltd has entered into electricity hedge contracts with Electricity Corporation of NZ [ECNZ] in order to minimise the risk of price fluctuations on the electricity spot market. These hedges have been transferred to PowerBuy Group Ltd and in exchange Tauranga Electricity Ltd has received a fully integrated [FIT] tariff which sets the price irrespective of the quantity purchased in the relevant period. The fair value of electricity price hedging contracts cannot be quantified as it is dependent on electricity demand at the particular time. No value has been recognised in the financial statements.

CONTINGENT LIABILITIES
The company had no contingent liabilities at balance date.

Guarantee
The company purchases its energy at the spot price from Kaimai Hydropower Limited. It has also entered into a contract with PowerBuy Ltd for hedges. Any potential liability of the company for the difference between the hedged price and the spot price cannot be quantified.

The accompanying Statement of Accounting Policies and Notes form part of and are to be read in conjunction with these Financial Statements. The Financial Statements have been prepared solely for the purpose of complying with Regulations 6[2] and 6[3] of the Electricity [Information Disclosure] Regulations 1994 and are not intended for any other purpose.

[A:DR97]

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VUW Te Waharoa — NZ Gazette 1997, No 92

NZLII — NZ Gazette 1997, No 92

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✨ LLM interpretation of page content

🏭 Certification of Financial Statements and Performance Measures by Tauranga Electricity Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated4 August 1997
KeywordsElectricity, Financial Statements, Performance Measures, Certification, Tauranga, Regulations

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