New Zealand Gazette – 1999 – No. 116

Page 2791

✨ Financial Statements Notes



10 SEPTEMBER NEW ZEALAND GAZETTE 2791

TOP ENERGY LIMITED

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS
FOR THE 12 MONTHS ENDED 31 MARCH 1999

14 RELATED PARTY TRANSACTIONS

a. Line revenue for line access/charges invoiced to the final consumer was based on published tariff rates. The tariff comprises a fixed network charge and, a variable charge in respect of the volume of units distributed. The revenue was provided from 1 April 1998 to 15 December 1998, the later being the date of sale of Top Energy’s retail business. There is no outstanding balance at 31 March 1999.

b. Line revenue for line access/charges invoiced to retailers was based on published tariff rates. The tariff comprises a fixed network charge and, a variable charge in respect of the volume of units distributed. This revenue was provided throughout the year. At 31 March 1999 an amount of $1,623,110 was outstanding.

c. Asset maintenance services are provided by the Contracting Division in respect of the System fixed asset. Services are provided as contracted by the Line business and are charged on a full cost recovery basis. Services were provided throughout the year. There is no outstanding balance at 31 March 1999.

d. Avoided Transmission charges are paid in respect of embedded generation provided by Ngawha Construction Limited (NCL). Charges are based on the Transpower market rate. The service was provided from 1 July 1998 to 31 March 1999. There is an outstanding balance at 31 March 1999 of $475,875 which is represented by Intercompany debt from NCL to Top Energy.

e. Property facilities are provided to the Line business by the Property Division. Rentals are at market rates for the specific sites. Services were provided throughout the year. There is no outstanding balance at 31 March 1999.

f. Asset construction services are provided by the Contracting Division in respect of the System fixed asset. Services are provided as contracted by the Line business and are charged on a full cost recovery basis. Services were provided throughout the year. There is no outstanding balance at 31 March 1999.

15 FINANCIAL INSTRUMENTS

a. Currency and Interest Rate Risk

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

i.  *Currency*

    The Group has undertaken foreign currency transactions from time to time in connection with its activities. To manage the foreign currency risk the Group has used forward exchange contracts. There are no contracts in place at 31 March 1999.


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✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial Statements, Related Party Transactions, Revenue, Asset Maintenance, Transmission Charges, Property Facilities, Asset Construction