New Zealand Gazette – 1999 – No. 146

Page 3498

✨ Financial Statements Notes

3498 NEW ZEALAND GAZETTE No. 146

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (Continued)

Financial Instruments:
Financial instruments which potentially subject the company to credit risk principally consist of cash bank balances, short term deposit, and accounts receivable. Northpower does not generally require collateral from customers.

Northpower places its cash and short term deposits with high credit quality financial institutions (A1 or better), and limits the amount of credit exposure to any one institution in accordance with company policy.

The following methods and assumptions were used to estimate the fair value of each class of financial instrument: bank balances, short term deposits and receivables.

The carrying amount is the fair value for each of these classes of financial instrument.

Segment Information:
Northpower Ltd operates predominantly in the electricity network industry within the Northland area.
Northpower is also involved in generation and contracting, but neither activity is considered significant.
Contingent Liabilities:
Guarantee of subsidiaries bank overdraft $75,000 (1998 $75,000)
Commitments:
| | 1999 | 1998 |
|------------|------|------|
| | Nil | Nil |
Related Parties:
The Northpower Electric Power Trust is the sole shareholder. Northpower purchased shares to the value of $20,139,844.
Term Receivables:
The Term Receivables are repaid in annual amounts expiring in 2003.

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VUW Te Waharoa — NZ Gazette 1999, No 146

NZLII — NZ Gazette 1999, No 146

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 Financial Statements of Northpower Ltd (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Segment Information, Contingent Liabilities, Commitments, Related Parties, Term Receivables, Northpower Ltd

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