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New Zealand Gazette – 1999 – No. 116

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✨ Financial Statements Notes

2792 NEW ZEALAND GAZETTE No. 116

TOP ENERGY LIMITED

NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1999

15 FINANCIAL INSTRUMENTS

ii. **Interest Rate**

The Company has a $30m revolving Facility Agreement with the Bank of New Zealand. This allows borrowings to be made over variable periods. At balance date $22.7m was advanced and these advances will be renewed to coincide with funding requirements. The expected repayment dates are as disclosed in Note 8.

The notional principal or contract amounts of interest rate contracts outstanding at 31 March 1999 for the Group & Company are $18.9m (1998: $14.1m). The effective interest rates are disclosed in Note 8.

The Company has not entered into forward agreements or futures transactions.

b. **Concentration of Credit Risk**

In the normal course of its business, the Company incurs credit risk from trade debtors and transactions with financial institutions.

The Company has a credit policy which is used to manage its exposure to credit risk. As part of this policy, limits on exposures with counterparties have been set and approved by the Board of Directors and are monitored on a regular basis.

The Company does not have any significant concentrations of credit risk. The Company does not require any collateral or security to support financial instruments as it only deposits with, or lends to, banks and other financial institutions of recognised quality. The Company does not expect the non-performance of any material obligations at balance date.

c. **Fair Values**

The following methods were used to estimate the fair values of these classes of financial instruments:

i. Cash and liquid deposits, debtors and other accounts receivable including sundry debtors, creditors and other accounts payable including sundry creditors, loans payable within twelve months.

The carrying value of these items is equivalent to their fair value.

ii. **Investments**

The investment of the Company is for shares in unlisted Companies. They are recorded at cost.

iii. **Term Liabilities** – see Note 8.

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VUW Te Waharoa — NZ Gazette 1999, No 116

NZLII — NZ Gazette 1999, No 116

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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🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Interest Rate, Credit Risk, Fair Values, Investments

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