New Zealand Gazette – 1999 – No. 129

Page 3119

✨ Financial Statements Notes

20 SEPTEMBER NEW ZEALAND GAZETTE 3119

Notes to and Forming Part of the Financial Statements
For the Year Ended 31 March 1999

14 FINANCIAL INSTRUMENTS

(i) Credit risk

Financial instruments which potentially subject the Company to credit risk principally consist of bank balances and accounts receivable. The five largest accounts receivable balances as at 31 March 1999 comprise 93.65% of total accounts receivable. Cash deposits are only made with registered banks, no specific concerns regarding credit risk exist.

(ii) Interest Rate Risk

Interest rate risk is the risk that interest rates will change, increasing or decreasing the cost of borrowing or lending. The company's short-term borrowings are on a floating daily interest rate. Long-term debt is funded via Powerco's Commercial Paper program based on the Bank bill rates every 90 days.

Powerco has entered into interest rate swap agreements to reduce the impact of the changes in interest rates on its Commercial Paper program. At 31 March 1999 the company had interest rate swap agreements outstanding with commercial banks. The total notional principal amount of these arrangements totalled $61.3 million with the last of these agreements maturing within 7yrs.

The weighted average of these swap agreements give an interest of 7.64%.

15 RELATED PARTY TRANSACTIONS

As an integrated company, Powerco's corporate function provides services to the line functions of both gas and electricity. These costs have been allocated between the functions to reflect the costs incurred.

16 ALLOCATION METHODOLOGY

In general the Ministry of Commerce guidelines for allocation of income and expenditure have been applied. Deviations have been used where assumptions made in the guidelines are not consistent for Powerco Limited.

A weighted average adjustment has been performed between gas and electricity based on customer numbers for overhead costs to fairly reflect the actual costs incurred.

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VUW Te Waharoa — NZ Gazette 1999, No 129

NZLII — NZ Gazette 1999, No 129

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Powerco Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Credit Risk, Interest Rate Risk, Related Party Transactions, Allocation Methodology, Powerco Limited

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