New Zealand Gazette – 1998 – No. 135

Page 3291

✨ Financial Statements Notes

7 SEPTEMBER NEW ZEALAND GAZETTE 3291

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)

10 FINANCIAL INSTRUMENTS:

The estimated fair value of Financial Instruments at 31 March

Network Business Unit	1998 Carrying Amount ($000)	1998 Fair Value ($000)	1997 Carrying Amount ($000)	1997 Fair Value ($000)
Assets
Cash and Liquid Deposits	(193)	(193)	(3,565)	(3,565)
Current Liabilities
Bank Loan	-	-	1,140	1,140

Energy Business Unit

| | | | | |
| Assets | | | | |
| Cash and Liquid Deposits | 1,358 | 1,358 | (579) | (579) |

Generation Business Unit

| | | | | |
| Assets | | | | |
| Cash and Liquid Deposits | (4) | (4) | - | - |
| Current Liabilities | | | | |
| Bank Loan | 4,601 | 4,601 | - | - |
| Non-Current Liabilities | | | | |
| Bank Loan | 42,474 | 42,474 | - | - |

The company has the following off balance sheet financial instruments:

(i) Energy Business Unit – Hedge Contracts

In common with other electricity companies the group seeks to limit its exposure to future spot price movements by purchasing hedge instruments against future spot price.

The face value of hedge contracts entered into at balance date, with a view to protecting future profits amounted to $313,400,000 (1997: $287,600,000) covering a period of six years.

Of these contracts $164,500,000 (1997: $287,600,000) were entered into with an associate company, Pacific Energy Limited.

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VUW Te Waharoa — NZ Gazette 1998, No 135

NZLII — NZ Gazette 1998, No 135

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

💰 Notes to Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Financial Instruments, Network Business Unit, Energy Business Unit, Generation Business Unit, Cash and Liquid Deposits, Bank Loan, Hedge Contracts

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