New Zealand Gazette – 1998 – No. 135

Page 3292

✨ Financial Statements Notes

3292 NEW ZEALAND GAZETTE No. 135

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

(ii) Generation Business Unit - Foreign Exchange

The group has, in this reporting period, conducted transactions in foreign currencies for the purposes of protecting the NZ$ value of capital expenditures. At balance date there were no outstanding foreign exchange contracts to buy foreign currencies (1997: NZ$7,500,000).

The following methods and assumptions were used to estimate the fair value of each class of financial instrument where it is practicable to estimate that value:

Loans

The fair value of the loans is based on current market interest rates (including margin) available to the Company for debt of similar maturities.

Credit Risk

In the normal course of business the group incurs credit risk from trade debtors and financial institutions.

There are no significant concentrations of credit risk. The group has a credit policy, which is used to manage its exposure to credit risk. As part of this policy, limits on exposures to financial institutions have been set and are monitored on a regular basis. The bank risk is reduced by spreading short-term investments over high credit quality financial institutions.

Cash and Liquid Deposits, Short Term Loans

The carrying amount of these items is equivalent to their fair value.

Foreign Exchange Contracts

The fair value of these contracts is estimated based on the quoted market prices of comparable financial instruments.

Electricity Hedge Contracts

The fair value of these contracts at balance date has not been reported as it is not practicable to estimate that value with an acceptable level of reliability, due to the lack of depth of the forward market.

11 CAPITAL COMMITMENTS:

At balance date, estimated capital expenditure contracted for but not provided was $3,600,000 (1997: $35,525,000).

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VUW Te Waharoa — NZ Gazette 1998, No 135

NZLII — NZ Gazette 1998, No 135

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

💰 Notes to Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Foreign Exchange, Generation Business Unit, Loans, Credit Risk, Cash and Liquid Deposits, Foreign Exchange Contracts, Electricity Hedge Contracts, Capital Commitments

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