New Zealand Gazette – 2003 – No. 93

Page 2398

✨ Financial Statements

2398 NEW ZEALAND GAZETTE No. 93

12. OPERATING LEASE COMMITMENT

Counties Power Limited Line Business had no operating lease commitments (2002 Nil).

13. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES

Counties Power Limited Line Business had commitments for future capital expenditure at 31 March 2003 totaling $331,000 (2002: $117,000).

There were no material contingent liabilities at 31 March 2003.

14. FINANCIAL INSTRUMENTS

(A) Nature of activities and management policies with respect to financial instruments.

(i) The company incurs credit risk from transactions with trade debtors and financial institutions in the normal course of business. At balance date the company had a significant concentration of credit risk relating to the amount receivable from Electricity Retailers. The company has a programme to manage this risk concentration, including adhering to specific credit policy requirements, insurance arrangements and having the contractual ability to require security to be provided by these customers under certain circumstances.

The maximum estimated credit exposure in respect of trade debts is:

Total asset class - $2.2 million (2002 $2.5 million)
Debts subject to significant debt concentration risk - $1.8 million (2002 $1.7 million)

The company does not generally require collateral or security to support financial instruments other than as outlined above, due to the quality of the financial institutions dealt with.

(ii) The company does not generally undertake any transactions denominated in foreign currencies apart from the purchase of distribution system equipment and does not hold any long term borrowings.

VUW Te Waharoa — NZ Gazette 2003, No 93

Gazette.govt.nz — NZ Gazette 2003, No 93

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✨ LLM interpretation of page content

💰 Operating Lease Commitments

Domain💰 Finance & Revenue
KeywordsOperating Lease, Commitments, Counties Power Limited

💰 Capital Commitments and Contingent Liabilities

Domain💰 Finance & Revenue
KeywordsCapital Commitments, Contingent Liabilities, Future Expenditure

💰 Financial Instruments and Credit Risk Management

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Credit Risk, Trade Debtors, Credit Policy, Insurance

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