New Zealand Gazette – 1998 – No. 5

Page 157

✨ Financial Statements Notes



26 JANUARY NEW ZEALAND GAZETTE 157

TRANSALTA NEW ZEALAND LIMITED

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

AS AT 31 MARCH 1997

11 FINANCIAL INSTRUMENTS (continued)

Maximum exposures to credit risk as at 31 March 1997 were:

DISTRIBUTION RETAIL
31-Mar-97 31-Mar-97
$000 $000
Accounts Receivable 2,385 2,046

The above maximum exposures are net of any recognised provision for losses on these financial instruments.

The Company is not exposed to any significant concentrations of credit risk.

Interest Rate Risk The Company is exposed to interest rate risk on investments in bank deposits and government stock. This risk is managed within exposure limits set. The Company is not exposed to interest rate risk on capital notes and bonds as the interest rates are fixed for the term of the obligations.

Currency Risk The Company has no significant exposure to currency risk at 31 March 1997.

Fair Values There are no material differences between the fair value and carrying amounts of financial instruments at 31 March 1997 with the exception of the following:

Face Value/Contract Amount Fair Value Carrying Amount
$000 $000
Distribution Retail
Capital Notes Due 1 October 2001 13,267 34
Bonds Due 1 October 2005 12,879 33
Bonds Due 1 October 2006 12,880 34

12 EVENTS OCCURRING AFTER BALANCE DATE

Subsequent to 31 March 1997 the Company has agreed to purchase the interests of TransAlta Energy Corporation in the Southdown generating station in Auckland, and the Taranaki Combined Cycle Station near Stratford. If the transactions proceed 25.2 million shares at an issue price of $1.75 per share will be issued to TransAlta Energy Corporation. This will increase TransAlta Energy Corporation’s interest in TransAlta New Zealand Limited from approximately 63% to approximately 66%. The above transactions are subject to shareholder and regulatory approval. The financial effect of these transactions has not been recognised in these Financial Statements. Subsequent to 31 March 1997 the necessary approvals were obtained and the transaction was completed effective 1 September 1997.



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✨ LLM interpretation of page content

🏭 Notes to Financial Statements for TransAlta New Zealand Limited (continued from previous page)

🏭 Trade, Customs & Industry
19 December 1997
Financial Statements, Contingent Liabilities, Related Party Transactions, Financial Instruments, Credit Risk