New Zealand Gazette – 1999 – No. 185

Page 4388

✨ Financial Statements Notes

4388 NEW ZEALAND GAZETTE No. 185

9. Financial Instruments

Financial Instruments which potentially subject the Company to credit risk principally consist of bank balances and accounts receivable. Generally the Company does not require bank collateral. Maximum exposure to credit risk is the amount stated in the financial statements and is net of any recognised provision for losses on these financial instruments. An amount of $132,846 (1998: $129,891) is included in Retail’s current liabilities which is the value of consumer deposits held. No other collateral is held on these amounts.

The Company is not exposed to any concentrations of risk or currency risk.

The Company has no bank overdraft facility.

The methods and assumptions used are that the carrying amount in the financial statements reflects the estimated fair value of the financial instruments including receivables, bank and investments and accounts payable.

The Company has long term borrowings which are used to fund ongoing activities.

Interest Rate Risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. This could particularly impact on the cost of borrowing or the return on investments.

The interest rates on the Company’s investments are 3.67% to 8.05% (1998: 8.30% to 9.85%).

	Distribution		Retail
	1999	1998	1999	1998
	$	$	$	$
Short term deposits	192,105	351,418	244,820	168,269

The Directors do not consider there is any significant exposure to interest rate risk on the Company’s investments.

The interest rates on the Company’s borrowings are disclosed in note 7. Interest rates are reviewed regularly.

Interest rate swap agreements have been entered into to manage interest rate exposure $2,000,000 (1998: Nil). Maturity date of swap is 21 January 2000 and the interest rate is 5.55%.

Currency Risk

No currency risk.

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VUW Te Waharoa — NZ Gazette 1999, No 185

NZLII — NZ Gazette 1999, No 185

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Credit Risk, Interest Rate Risk, Currency Risk, Wanganui Gas Limited

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