New Zealand Gazette – 1997 – No. 98

Page 2289

✨ Financial Statements



20 AUGUST NEW ZEALAND GAZETTE 2289

TASMAN ENERGY LIMITED
LINE & OTHER BUSINESSES FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS

  1. TERM LIABILITIES
    Reserve Bank loans (interest rates 9.5% to 16.75%) 2,076 2,114 156 233
    Other 52 38 78 77
                                          2,024    2,076    78     156

    Less current portion 52 52 78 156

    Repayable as follows:
    1 to 2 years 52 2,024 78 156
    2 to 3 years 0 52 78 156

                                          52       2,076    78     156

A provision to reflect the difference between the actual and current market interest rates is included in the creditors and accruals and is being reversed as loans mature, as set out below. Directors acknowledge this does not conform to current Generally Accepted Accounting Practice. Directors believe the treatment is appropriate given the statutory obligation to "value" the undertaking to ensure that the book value of assets and liabilities used for statutory vesting from Tasman Electric Power Board were realistic using current commercial acquisition practice.

  1. COMMITMENTS AND CONTINGENT LIABILITIES
    As at 31 March 1997 the group had no material commitments or contingent liabilities that are not included in these financial statements.


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🏭 Term Liabilities and Financial Notes (continued from previous page)

🏭 Trade, Customs & Industry
Term Liabilities, Reserve Bank Loans, Interest Rates, Financial Statements, Commitments, Contingent Liabilities