✨ Financial Statements Notes
3432 NEW ZEALAND GAZETTE No. 127
Note 7. Share Capital
| 2003 $'000 | 2002 $'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 |
| - 5,000,000 Preference Shares | 5,000 | 5,000 |
| Capital Reserve | 102 | 102 |
| Transition Reserve | 418 | 418 |
| Asset Revaluation Reserve | 18,270 | 19,137 |
| Retained Earnings | 5,503 | 388 |
| 54,593 | 50,345 |
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 2003 is $0 (2002 $132,874).
The fair value of the shares in International Panel and Lumber (West Coast) Limited is $71,856 (2002 $63,654). This represents the value of the 30,000 shares based on the value of net assets as at 31 January 2003.
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 Short Term Advance Facility for $13,000,000 (2002 $13,000,000).
The contract amount of interest rates swaps held at 31 March 2003 is $0 (2002 10,600,000).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 127
Gazette.govt.nz —
NZ Gazette 2003, No 127
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Westpower Limited Financial Statements
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🏭 Trade, Customs & Industry29 August 2003
Financial Statements, Revenue, Expenses, Taxation, Audit Fees, Directors' Fees, Depreciation, Loan Interest, Bad Debts, Fixed Assets, Buildings, Land, Taxation Charge, Deferred Taxation, Timing Differences, Sundry Debtors, Distribution System, Borrowings