New Zealand Gazette – 2003 – No. 79

Page 2103

✨ Financial Statements

WAIPA NETWORKS LIMITED - LINES BUSINESS

	2003	2002
	$	$

10 TERM LIABILITIES

Inter-business Loan - Other Business (9.95%)

8,000,000

Repayable between 2 and 5 years

11 FINANCIAL INSTRUMENTS

Credit Risk

In the normal course of its business, Waipa Networks incurs credit risk from trade receivables from customers. Waipa Networks largest customer accounts for 68% (2002 87%) of total sales and 89% (2002 72%) of trade receivables at balance date for which a bank performance bond is held. There are no other significant concentrations of credit risk and Waipa Networks generally does not require any collateral.

Waipa Networks places its cash and short term deposits with high credit quality financial institutions with a recognised credit rating of A- or better and limits the amount of credit exposure to any one institution, as set forth by the Board of Directors. While the company may be subject to credit losses up to the contract amounts in the event of non-performance by other parties, it does not expect such losses to occur.

Currency Risk

Waipa Networks has no exposure to currency risk.

Interest Rate Risk

Waipa Networks has no significant exposure to interest rate risk as its term loan has fixed interest rates. The interest rate on the term loan is disclosed in note 10.

Fair Value

The estimated fair value of Waipa Networks' financial instruments at 31 March 2003 are stated in the Statement of Financial Position.

12 CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS

Waipa Networks is currently under review by the Inland Revenue Department for the 1999, 2000 and 2001 income years. Any additional tax or penalties that may arise from this review cannot be quantified. (2002 Nil)

There are no commitments for future capital expenditure as at 31 March 2003. (2002 Nil)

VUW Te Waharoa — NZ Gazette 2003, No 79

Gazette.govt.nz — NZ Gazette 2003, No 79

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✨ LLM interpretation of page content

🏗️ Notes to Financial Statements for Waipa Networks Limited (continued from previous page)

Domain🏗️ Infrastructure & Public Works
KeywordsFinancial Instruments, Credit Risk, Currency Risk, Interest Rate Risk, Contingent Liabilities, Capital Commitments, Waipa Networks Limited

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