New Zealand Gazette – 1999 – No. 180

Page 4280

✨ Financial Statements Notes

4280 NEW ZEALAND GAZETTE No. 180

NOTE 7. FINANCIAL INSTRUMENTS

Credit Risk

Financial instruments which potentially subject the Company to credit risk principally consist of bank accounts, accounts receivable and investments.

The Company places its cash with high quality financial institutions and limits the amount of exposure to any one financial institution. Due to the sale of electricity retail operations there are high concentrations of credit risk to Trustpower.

The maximum exposure to credit risk at balance date is the fair value of the instruments as stated in the Statement of Financial Position.

Fair Values

For all financial instruments other than the interest rate swaps the fair value is equivalent to the carrying amount as stated in the Statement of Financial Position. Borrowings are planned to be run to maturity. The fair value of the interest rate swaps at 31 March 1999 is $750,932 (1998 $526,705).

Currency Risk

The Company has minimal currency risk given that financial instruments are principally transacted in New Zealand dollars. Forward exchange contracts may be employed by the Company to manage exposure to currency fluctuations.

Interest Rate Risk

Interest rate risk is minimal as borrowings have fixed interest rates except for the Promissory Notes for $12,500,000 (1998 $17,000,000) for which interest rates are hedged. The contract amount of interest rates swaps held at 31 March 1999 is $15,500,000 (1998 $21,500,000).

NOTE 8. COMMITMENTS

Capital Commitments

The total amount committed at balance date was

21,477

Operating Lease Commitments

These are long-term operating leases relating to land occupied by the group.

Period

Not later than 1 year 2
1 - 2 years 2
2 - 5 years 6
Later than 5 years 15

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VUW Te Waharoa — NZ Gazette 1999, No 180

NZLII — NZ Gazette 1999, No 180

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Westpower Limited Financial Statements Notes (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsCredit Risk, Fair Values, Currency Risk, Interest Rate Risk, Financial Instruments, Commitments, Capital Commitments, Operating Lease Commitments, Westpower Limited

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