✨ Financial Statements
ALPINE ENERGY LIMITED (LINES)
Financial Statements Prepared in Accordance with the Electricity (Information Disclosure) Regulations
Notes to and Forming Part of the Financial Statements - Continued
for the Year Ending 31 March 2003
5. Capital Commitments
In respect of the business activities being reported on, the Company has capital commitments amounting to $2,689,573 as at 31 March 2003 (2002 $1,489,318).
6. Financial Instruments
a) Concentration of Credit Risk
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of bank deposits and accounts receivable. The maximum credit risk is the book value of these financial instruments however, the Company considers the risk of non recovery of these amounts to be minimal.
The Company places its cash and bank deposits with high credit quality financial institutions and limits the amount of credit exposure to any one financial institution.
The Company continually evaluates and monitors the credit quality of its customers. There is a concentration of credit risk in relation to activities with associated entities. This risk is managed indirectly through appointments to the governing bodies of these associated entities.
b) Fair Value
The carrying value of cash and bank deposits, accounts receivable and accounts payable is equivalent to their fair value.
7. Reconciliation Of Operating Surplus With Cash Flows From Operating Activities
| 2003 ($) | 2002 ($) | |
|---|---|---|
| Operating Surplus After Income Tax | 8,439,232 | 7,800,760 |
| Add/(Deduct) Non Cash Items | ||
| Depreciation | 3,135,465 | 3,028,551 |
| 11,574,697 | 10,829,311 | |
| Add/(Deduct) Movements in Working Capital | ||
| (Increase)/Decrease in Debtors | (291,474) | 1,177,938 |
| (Increase)/Decrease in Deferred Tax | (70,978) | (136,081) |
| Increase/(Decrease) in Creditors | 639,518 | (451,760) |
| Increase/(Decrease) in Provision for Tax | 451,893 | (392,273) |
| 728,959 | 197,824 | |
| 12,303,656 | 11,027,135 |
8. Related Party Transactions
Associated Entity: Networks South Limited (excl GST)
Networks South Limited is 50% owned by Alpine Energy Limited and provided administrative, engineering and planning functions for the network from 1 April 2002 to 31 March 2003. These services are charged on a fixed contract basis.
During the period, this charge totalled $2,882,534 (2002 $2,743,061). The outstanding amount as at 31 March 2003 was $90,106 (2002 $53,157) payable on normal commercial terms.
No debts were written off or forgiven and no transactions took place at nil or nominal value.
Transactions do not relate to the categories specified in the Regulations except 'Maintenance of Assets' which totalled $811,182 in 2003 (2002 $713,829).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 102
Gazette.govt.nz —
NZ Gazette 2003, No 102
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Financial Statements for Alpine Energy Limited
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🌾 Primary Industries & ResourcesElectricity, Financial Statements, Information Disclosure, Alpine Energy Limited, Capital Commitments, Financial Instruments, Credit Risk, Fair Value, Operating Surplus, Cash Flows, Related Party Transactions