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New Zealand Gazette – 2000 – No. 114

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✨ Financial Statements Notes

NEW ZEALAND GAZETTE

No. 114

2868

Note 7. Share Capital

Share Capital (issued and fully paid)

25,000,000 ordinary shares
300,000 7.25% Redeemable Preference Shares

	2000 $'000	1999 $'000
	25,000	25,000
	300	300
Capital Reserve	102	102
Transition Reserve	418	418
Asset Revaluation Reserve	21,725	21,725
Retained Earnings	(7,212)	(7,997)
	40,333	39,548

Note 8. 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. There is a high concentration 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 and the shareholding in International Panel and Lumber (West Coast) Limited 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 2000 is $26,759 (1999 $750,932).

The fair value of the shares in International Panel and Lumber (West Coast) Limited is $48,900 (1999 $43,720). This represents the value of the 30,000 shares based on the value of net assets as at 31 January 2000.

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 Short Term Advance Facility for $9,500,000 (1999 $12,500,000) for which interest rates are hedged. The contract amount of interest rates swaps held at 31 March 2000 is $10,600,000 (1999 $15,500,000).

VUW Te Waharoa — NZ Gazette 2000, No 114

Gazette.govt.nz — NZ Gazette 2000, No 114

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Share Capital, Financial Instruments, Credit Risk, Fair Values, Currency Risk, Interest Rate Risk, Westpower Limited, Electricity

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