New Zealand Gazette – 2001 – No. 117

Page 3018

✨ Financial Statements Notes

3018

NEW ZEALAND GAZETTE

No. 117

Note 7. Share Capital

	2001 $ '000	2000 $ '000
Share Capital (issued and fully paid)
- 25,000,000 ordinary shares	25,000	25,000
- 300,000 7.25% Redeemable Preference Shares	300	300
Capital Reserve	102	102
Transition Reserve	418	418
Asset Revaluation Reserve	18,702	21,725
Retained Earnings	(3,653)	(7,212)
	40,869	40,333

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 2001 is $239,470 (2000 $26,759).

The fair value of the shares in International Panel and Lumber (West Coast) Limited is $55,815 (2000 $43,720). This represents the value of the 30,000 shares based on the value of net assets as at 31 January 2001.

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 low as borrowings have fixed interest rates except for the Advance Facility for $8,600,000 (2000 $9,500,000) for which interest rates are hedged. The contract amount of interest rates swaps held at 31 March 2001 is $10,600,000 (2000 $10,600,000).

VUW Te Waharoa — NZ Gazette 2001, No 117

Gazette.govt.nz — NZ Gazette 2001, No 117

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 Notes to Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Share Capital, Credit Risk, Fair Values, Currency Risk, Interest Rate Risk

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