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New Zealand Gazette – 2001 – No. 115

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✨ Financial Statements Notes

3 SEPTEMBER

NEW ZEALAND GAZETTE

2987

Notes to the financial statements (continued)

For the year ended 31 March 2001

During the year Transpower invoiced the Company $1,935,648 (plus GST) in respect of their costs to date in respect to the formerly proposed Frasertown – Gisborne transmission line. The Directors, having sought legal advice, dispute that the Company is liable for these costs. Negotiations are continuing with Transpower towards resolving this issue.

19) Contingent Asset

In September 2000 the network was subjected to a wide ranging and slow moving wind storm, which caused extensive damage to parts of the network. Storm repairs cost the company in excess of $2 million. The company carried storm insurance for such an event. To date an interim payment of $750,000 has been approved. The company is still working through the final claim and expects final settlement to be between $1.25 million and $1.5 million.

	2001
	$'000

	2000
	$'000

20) Commitments

(a) Capital Commitments

Contracted for but not provided for

—

21) Financial instruments

Credit risk

Financial assets which potentially subject the Company to a credit risk principally consist of bank balances and accounts receivable. The maximum credit risk is the book value of these financial instruments however, the Company considers the risk of non recovery of these amounts to be minimal.

Bank balances and investments in short term deposits are made with registered bank with satisfactory credit ratings. Exposure with any one financial institution is restricted in accordance with company policy.

Currency risk

The Company has no material exposure to currency risk.

Interest risk

The interest rate risk is limited to bank borrowings. As indicated at note 14 the interest rates are hedged until 28 July 2001.

Fair Values

The carrying value of cash and bank deposits, accounts receivable and accounts payable is equivalent to their fair value.

VUW Te Waharoa — NZ Gazette 2001, No 115

Gazette.govt.nz — NZ Gazette 2001, No 115

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✨ LLM interpretation of page content

💰 Notes to the financial statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Contingent Asset, Commitments, Financial Instruments, Credit Risk, Currency Risk, Interest Risk, Fair Values

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