New Zealand Gazette – 1998 – No. 110

Page 2713

✨ Financial Statements



11 AUGUST

NEW ZEALAND GAZETTE

2713

CENTRALPOWER GROUP

Line Business and Electricity Retailing

Notes to and forming part of the Financial Statements (cont.)

For the Year Ended 31 March 1998

h) Accounts Receivable

Accounts receivable have been valued at estimated realisable value after making provision for doubtful debts.

i) Leases

Operating lease payments, where the lessors effectively retain substantially all the risks and benefits of ownership of the leased items, are included in the determination of the operating surplus in equal instalments over the lease term.

j) Goods And Services Tax (GST)

The statement of financial performance has been prepared so that all components are stated exclusive of GST. All items in the statement of financial position are stated net of GST, with the exception of receivables and payables which include GST invoiced.

k) Research Costs

Costs incurred on all research projects are written off as they are incurred.

l) Financial Instruments

Financial instruments recognised in the statement of financial position include deposits with banks, trade receivables, other receivables, investments and debt. These instruments are entered into in the normal course of business.

The Group does not undertake speculative trading transactions. Accordingly, financial instruments are "marked to market" for disclosure purposes but are not adjusted in the financial statements.

Electricity hedging contracts for differences are not undertaken for speculative purposes.

m) Foreign Currencies

Transactions in foreign currencies covered by a specified forward exchange contract are translated at the New Zealand rate of exchange under the contract. All other transactions are translated at the New Zealand rate of exchange ruling at the date of the transaction.

At balance date foreign monetary assets and liabilities are translated at the closing rate and exchange variations arising from these transactions are included in the statement of financial performance as operating items.



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Electricity, Financial Statements, Line Business, Retailing, CentralPower Group