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New Zealand Gazette – 1998 – No. 158

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✨ Financial Statements Notes

25 SEPTEMBER NEW ZEALAND GAZETTE 3811

TOP ENERGY LIMITED

SPECIAL PURPOSE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1998

14. RELATED PARTY TRANSACTIONS

There have been no material related party transactions requiring disclosure in accordance with SSAP 22 “Related Party Disclosures”, apart from the following:

i. Bay of Islands Electric Power Trust:

For the period ended 31 March 1998, Top Energy Limited paid $45,000 (Line Business $42,660, Energy Trading $1,035) in the form of a dividend to the above Trust (1997: $45,000). This payment is reflected in the statement of financial performance of Top Energy Limited.

During the period Top Energy processed transactions on an agency basis on behalf of the Trust in order to settle routine business dealings. At 31 March 1998, a balance of $2,503 (1997: $5,732) owing by the Trust to the Company has been included in accounts receivable in the statement of financial position.

ii. PowerBuy Group Limited:

The shares held by the Company were sold during the period.

All transactions with PowerBuy and with the Power Trust were made on normal business terms.

15. FINANCIAL INSTRUMENTS

a. Currency and Interest Rate Risk

Nature of activities and management policies with respect to financial instruments:

i. Currency
The Company has undertaken foreign currency transactions from time to time in connection with its activities.

ii. Interest Rate
The Company has a $27m revolving Facility Agreement with the Bank of New Zealand. This allows borrowing’s to be made at fixed or floating interest rates and over variable periods.

The Company has not entered into forward agreements or futures transactions.

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VUW Te Waharoa — NZ Gazette 1998, No 158

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✨ LLM interpretation of page content

💰 Notes to the Special Purpose Financial Statements for Top Energy Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Related Party Transactions, Financial Instruments, Top Energy Limited

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