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New Zealand Gazette – 1998 – No. 158

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✨ Financial Statements Notes

25 SEPTEMBER NEW ZEALAND GAZETTE 3813

TOP ENERGY LIMITED

SPECIAL PURPOSE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1998

FINANCIAL INSTRUMENTS (continued)

d. Electricity Price Hedging Contracts (continued)

Credit Risk

With respect to electricity price hedges, the Company’s exposure is on any potential difference between the spot price and the hedge price, where on maturity of these agreements the spot price is greater than the hedge price. The Company does not anticipate any non-performance of any obligations that may exist on maturity of these agreements.

Fair Value

The fair value of electricity price hedging contracts can vary from day to day as the spot market price for electricity varies. As at balance date the secondary market for electricity price hedging contracts was not sufficiently active in order to obtain a reliable measure of the fair value of the Company’s hedging contracts. On maturity of these agreements there is potentially an asset or liability in relation to the electricity price hedges which has not been recognised in the financial statements.

SEGMENT INFORMATION

The Company operates primarily in one industry: the electricity supply industry, and in one geographic location: Northland, New Zealand.

CAPITAL EXPENDITURE COMMITMENTS

The Company has material commitments for capital expenditure at 31 March 1998 of $160,294 (1997: $92,333).

CONTINGENT LIABILITIES

The Company has contingent liabilities, not exceeding $2.75 million at 31 March 1998, for refundable capital contributions. (As at 31 March 1997, the same contingent liabilities applied).

Ngawha Construction Ltd has a construction contract that provides for a performance bonus to be paid if the output from the station exceeds a contracted level. In such an event the increased output would increase the revenue to be derived from the operation of the station representing an equivalent value of benefit. It is not possible at this time to determine whether such a liability will arise.

The group has provided the Bank of New Zealand with a standby Letter of Credit amounting to $4,246,596 in relation to the construction program undertaken by Ngawha Construction Ltd.

Top Energy Ltd have presently underwritten the deficit within the subsidiary companies shareholders funds until such time as share capital is called to cover any shortfall.

ROMALPA CLAUSE

Some inventories are subject to restriction of title (ie Romalpa clauses).

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VUW Te Waharoa — NZ Gazette 1998, No 158

NZLII — 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, Financial Instruments, Credit Risk, Fair Values, Hedging Contracts, Top Energy Limited, Segment Information, Capital Expenditure, Contingent Liabilities, Romalpa Clause

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