New Zealand Gazette – 2005 – No. 28

Page 685

✨ Financial Statements Notes

CENTRALINES LIMITED - LINES BUSINESS

Notes to the financial statements

For the year ended 31 March 2004

| | 2004
$000 | 2003
$000 |
|----------------|--------|--------|
| Sub transmission assets | 22 | 34 |
| Zone substations | 36 | 21 |
| Distribution lines and cables | 954 | 1,135 |
| Medium voltage switchgear | 19 | 19 |
| Distribution transformers | 85 | 116 |
| Distribution substations | 26 | 30 |
| Low voltage lines and cables | 153 | 155 |
| Other system fixed assets | - | - |

Note 14: Related Party Information (contd)

Contractable contracting services in asset construction and maintenance were provided by Centralines contracting division at cost, including overheads, and as detailed, respectively, here and in Note 17.12b below. Unit price and quantities have not been determined.

Note 15: Financial Instruments

Centralines has no off balance sheet financing (other than those disclosed in these notes), nor any foreign exchange exposure.

The fair value of financial instruments is the carrying amount disclosed in the Statement of Financial Position.

Centralines has an approved overdraft facility with the ANZ Bank for $100,000 at an interest rate of 11.80%.

The interest rates on the company’s deposits are presented in note 6.

Interest Rate Risk

Interest Rate risk is the risk that the value of the assets and liabilities will fluctuate due to changes in market interest rates. The Company is exposed to interest rate risk primarily through cash balances, investments, and finance leases.

Credit risk

Financial instruments which potentially subject the Company to credit risk principally consist of bank balances and accounts receivable. No collateral is held on these amounts. Maximum exposure to credit risk is the amount stated in the Financial Statements and is net of any recognised provision for losses on these financial instruments.

Concentration of credit risk

The Company has exposure to one electricity retailer that may account for 50% of accounts receivables. To minimise this risk, the company has contractual requirements contained within the use of system agreements operating with this party. A bond may be required where deemed necessary. At balance date no such bond was held.

Note 16: Significant Events after Balance Date

The company is not aware of any other post balance date events which would have a significant effect on the business activities of Centralines.

VUW Te Waharoa — NZ Gazette 2005, No 28

Gazette.govt.nz — NZ Gazette 2005, No 28

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✨ LLM interpretation of page content

🏭 Centralines Limited Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Property, Plant, Equipment, Accounts Payable, Employee Entitlements, Related Party Information, Financial Instruments, Interest Rate Risk, Credit risk, Concentration of credit risk, Significant Events after Balance Date

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