New Zealand Gazette – 2002 – No. 117

Page 3145

✨ Financial Statements Notes

23 AUGUST NEW ZEALAND GAZETTE 3145

Notes to the financial statements (continued)

For the year ended 31 March 2002

17 Contingent Asset

Last year the Company reported a contingent asset is respect of an insurance claim resulting from storm damage incurred in September 2000. The Company is still working through the final claim and still expects final settlement to be between $1.25 million and $1.5 million. $750,000 of this amount has previously been received.

18 Commitments

There were no capital commitments not provided for at year end. The figure for 2001 was also nil.

19 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 banks 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. The Company has a policy of hedging interest rates and has hedges covering $18 million of borrowings for periods between two and five years at less than 7.5%.

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 2002, No 117

Gazette.govt.nz — NZ Gazette 2002, 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

🏭 Notes to the financial statements for Eastland Network Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Contingent Asset, Insurance Claim, Storm Damage, Capital Commitments, Financial Instruments, Credit Risk, Currency Risk, Interest Risk, Fair Values

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