New Zealand Gazette – 1999 – No. 107

Page 2553

✨ Financial Disclosure

1 SEPTEMBER NEW ZEALAND GAZETTE 2553
Horowhenua Energy Limited Line Business – Disclosure 1999

Interest rate risk

Interest rate risk exposure is limited to bank borrowings. The interest rates on these borrowings are adjusted every 90 days. The company has no interest risk hedge contracts.

Fair values

There were no differences between the fair value and carrying amounts of financial instruments as at 31 March 1999 (1998 - no difference).

12. Reconciliation

of net profit after tax with cash inflow from operating activities

	1999	1998
Reported profit (loss) after taxation	2,546	866
Add (less) non-cash items
Loss of sale of investments	917	1,345
Depreciation
Add item classified as investing activity
Capital Loss (gain) on sale of fixed assets	(2)	-
Movements in working capital
Increase (decrease) in accounts payable	(388)	102
(Increase) decrease in receivables	(784)	(899)
Income Tax Payable	-	-
Net cash inflow from operating activities	$2,289	$1,414

13. Contingent liabilities

At any point in time the Company will be investigating complaints or queries about various aspects of the service it provides to customers, or end-customers. In a number of these, action may be taken against the Company. At 31 March 1999 and 1998 there was legal action being taken against the Company that remains unresolved. The directors have been advised that the Company has good defence against the action being taken against it. No provision for any loss is made in the financial statements, in respect of this action.

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VUW Te Waharoa — NZ Gazette 1999, No 107

NZLII — NZ Gazette 1999, No 107

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Financial and Performance Disclosure by Horowhenua Energy Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsElectricity, Financial Disclosure, Performance Measures, Horowhenua Energy Limited, Interest Rate Risk, Fair Values, Reconciliation, Contingent Liabilities

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