New Zealand Gazette – 2000 – No. 102

Page 2545

✨ Financial Report Continued

22 AUGUST NEW ZEALAND GAZETTE 2545

11. OPERATING LEASE COMMITMENT

Counties Power Limited Line Business had no operating lease commitments (1999 Nil).

12. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

Counties Power Limited Line Business had commitments for future capital expenditure at 31 March 2000 totalling $1,139,000 (1999: $75,000).

There were no material contingent liabilities at 31 March 2000.

13. EVENTS OCCURRING AFTER BALANCE DATE

There were no material contingent liabilities at 31 March 2000 (1999: Nil).

14. FINANCIAL INSTRUMENTS

(A) Nature of activities and management policies with respect to financial instruments.

(i) The company incurs credit risk from transactions with trade debtors and financial institutions in the normal course of business. At balance date the company had a significant concentration of credit risk relating to the amount receivable from Electricity Retailers. The company has a programme to manage this risk concentration, including adhering to specific credit policy requirements, insurance arrangements and having the contractual ability to require security to be provided by these customers under certain circumstances.

The maximum estimated credit exposure in respect of trade debts is:

Total asset class - $2.0 million
Debts subject to significant debt concentration risk - $2.0 million

The company does not generally require collateral or security to support financial instruments other than as outlined above, due to the quality of the financial institutions dealt with.

(ii) The company does not generally undertake any transactions denominated in foreign currencies apart from the purchase of distribution system equipment and does not hold any long term borrowings.

VUW Te Waharoa — NZ Gazette 2000, No 102

Gazette.govt.nz — NZ Gazette 2000, No 102

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✨ LLM interpretation of page content

🏭 Counties Power Limited Financial Performance (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsElectricity, Financial Performance, Revenue, Expenditure, Surplus, Tax, Equity, Dividend, Depreciation, Taxation, Accounting Policy, Operating Lease, Capital Commitments, Contingent Liabilities, Financial Instruments

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