New Zealand Gazette – 1999 – No. 132

Page 3169

✨ Financial Statements Notes

21 SEPTEMBER NEW ZEALAND GAZETTE 3169

NOTES TO THE FINANCIAL STATEMENTS

| | Lines Business |
| |----------------- |
| | 1999 $ | 1998 $ |

Note 15: Segment Information

SCANPOWER sold its energy retailing business on 30 November 1998 and now operates in one industry which is the management of a distribution network and is entirely within New Zealand.

Note 16: Related Party Information

Directors’ transactions with the company were made under normal terms and conditions of supply and sale available to members of staff. No discounts were given during the year.

Contestable contracting services provided by Scanpower’s contracting division were at cost, including overheads, and as follows:

Construction of distribution lines and cables 315,702
Fault rectification 153,157
Maintenance of lines 384,534
Maintenance of distribution switch gear and ripple controls 12,274
Maintenance of distribution transformers 16,020
Other services 115,851

As at 31 March 1999, there were no outstanding balances for related parties other than those disclosed.

All transactions with other related parties are also made under normal terms and conditions of supply and sale. No related party debts were forgiven or written off during the year.

Note 17: Financial Instruments

SCANPOWER has no off balance sheet financing (other than those disclosed in these notes), nor any foreign exchange exposure. All instruments are carried at fair value and take into account the company’s maximum exposure to credit risk.

Concentrations of credit risk with respect to receivables are limited due to a large customer base to whom the company supplies services.

The interest rates on the company’s deposits are presented in note 6.

Note 18: Year 2000 compliance strategy

SCANPOWER is testing all critical products and systems in order to minimise, if not eliminate, any adverse effect on our distribution network and ancillary equipment caused by Year 2000 issues.

Note 19: Significant Events after Balance Date

The company is not aware of any post balance date events which would have a significant effect on the business activities of SCANPOWER.

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VUW Te Waharoa — NZ Gazette 1999, No 132

NZLII — NZ Gazette 1999, No 132

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements of SCANPOWER LIMITED (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Segment Information, Related Party Transactions, Financial Instruments, Year 2000 Compliance, SCANPOWER LIMITED

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