New Zealand Gazette – 1998 – No. 161

Page 3880

✨ Financial Report Continuation

3880 NEW ZEALAND GAZETTE No. 161

Horowhenua Energy Limited Line and Energy Businesses - Annual Report 1998

f) Financial Instruments

The Company has various financial instruments with off-balance sheet risk for the primary purpose of reducing its exposure to fluctuations in electricity spot market prices. While these financial instruments are subject to risk that market rates may change subsequent to acquisition, such changes would generally be offset by opposite effects on the items being hedged.

The Company has entered into electricity price hedging contracts with electricity generators in order to minimise the risk of price fluctuations on the electricity spot market. Assets, liabilities, and any unrealised revenues and expenses associated with these instruments as at balance date are not recognised in the financial statements. Realised revenues and expenses are recognised in the statement of financial performance on maturity of the hedging contracts and are incorporated as part of the cost of wholesale electricity.

Full disclosure of information about electricity price hedging contracts to which the Company is a party is provide on note 7.

g) Changes in Accounting Policies

There were no changes in accounting policy.

2. Dividends

	Line		Energy
	1998	1997	1998	1997
	$000	$000	$000	$000
Proposed Dividends	$110	$216	-	-

3. Accounts payable and accruals

	Line		Energy
	1998	1997	1998	1997
	$000	$000	$000	$000
TransPower, ECNZ, RMB	377	487	1,326	1,332
Other Trade Creditors	945	1,829	-	-
Inter-Company payables	618	1,152	-	-
Accruals and provisions	3,718	3,566	-	-
Electricity deposits	168	150	-	-
	$5,826	$7,184	$1,326	$1,332

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VUW Te Waharoa — NZ Gazette 1998, No 161

NZLII — NZ Gazette 1998, No 161

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✨ LLM interpretation of page content

🏭 Horowhenua Energy Limited Line and Energy Businesses - Annual Report 1998 (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated29 May 1998
KeywordsFinancial Instruments, Hedging, Dividends, Accounts Payable, Electricity, Financial Performance

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