New Zealand Gazette – 2006 – No. 128

Page 3743

✨ Financial Statements and Notes

Buller Electricity Limited

Line Business Financial Statements

7 FINANCIAL INSTRUMENTS

(a) Credit Risk

i) In the normal course of business the company incurs credit risks being cash, bank deposits and debtors transactions with electricity retailers and financial institutions.

ii) The company has a credit evaluation policy and requires a bond or a guarantee from customers.

iii) The company has concentrations of credit risk in accounts receivable balances. Of total electricity line charges receivable, 100% are due from TrustPower Limited, Meridian Energy Limited, Genesis Power Limited, Mercury Energy Limited and Contact Energy Limited.

iv) The company has a policy that minimises its credit risk to financial institutions by limiting the amount of cash and short term investments placed with any one financial institution at any one time.

(b) Interest Rate Risk

i) All term loans are unsecured and subject to negative pledge undertakings. The term loans are not hedged and are at the floating 90 day bill rate. The company currently has $5million rolling loan facilities.

ii) The company has a loan of $1,740,515 that is interest bearing (8%), unsecured and repayable on demand.

iii) Deposit interest rates range from 7.30% pa – 7.80% pa at balance date 31 March 2006.

c) Fair Values
The directors consider that the carrying amount of financial instruments in the statement of financial position is equal to their fair value.

8 COMMITMENTS
There are no capital commitments at 31 March 2006. (2005 $Nil)

9 CONTINGENT LIABILITIES
There is a contingent liability for discrepancies that may arise on the reconciliation of energy transported versus energy charged by the various energy retailers. The potential or maximum liability is not able to be estimated. (2005 $NIL)

10 PRICE THRESHOLD COMPLIANCE
Buller Electricity Limited was in breach of the price path thresholds set by the Commerce Commission in September 2003 and March 2004. Directors believe that any liability arising from these breaches will not be material. The company was not in breach of the price and quality thresholds at March 2006.

11 RECONCILIATION OF NET SURPLUS TO NET CASH FLOW FROM OPERATING ACTIVITIES

	2006	2005
Reported Net Surplus after tax	693,261	498,581
Add (Less) Non Cash Items:
Depreciation	823,433	796,311
Vested Assets	(352,734)	(146,716)
Add (Less) Movements in Working Capital Items:
Decrease (Increase) in Tax Receivable	169,141	(305,474)
Decrease (Increase) in Receivables	(5,726)	(4,360)
(Decrease) Increase in Creditors	(145,924)	(22,116)
(Decrease) Increase in Tax Payable	0	0
Decrease (Increase) in other Current Assets	0	0
Decrease (Increase) in Interdivisional Balance	5,555	(261,609)
Add (Less) Movements in Non-current Items:	493,745	554,617
Net Loss (Gain) on Disposal of Assets	0	0
Net Cash Inflows from Operating Activities	1,187,006	554,617

VUW Te Waharoa — NZ Gazette 2006, No 128

Gazette.govt.nz — NZ Gazette 2006, No 128

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Related Parties of Buller Electricity Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsRelated Parties, Financial Transactions, Buller Electric Power Trust, Buller Energy Limited, Buller Communications Limited

🏭 Financial Instruments and Credit Risk

Domain🏭 Trade, Customs & Industry
KeywordsCredit Risk, Debtors, Financial Institutions, TrustPower Limited, Meridian Energy Limited, Genesis Power Limited, Mercury Energy Limited, Contact Energy Limited

🏭 Interest Rate Risk

Domain🏭 Trade, Customs & Industry
KeywordsInterest Rate Risk, Term Loans, Floating 90 Day Bill Rate, Loan Facilities, Deposit Interest Rates

🏭 Fair Values of Financial Instruments

Domain🏭 Trade, Customs & Industry
KeywordsFair Values, Financial Instruments, Statement of Financial Position

🏭 Capital Commitments

Domain🏭 Trade, Customs & Industry
KeywordsCapital Commitments, Financial Year 2006

🏭 Contingent Liabilities

Domain🏭 Trade, Customs & Industry
KeywordsContingent Liabilities, Energy Transport, Energy Retailers

🏭 Price Threshold Compliance

Domain🏭 Trade, Customs & Industry
KeywordsPrice Threshold Compliance, Commerce Commission, Price and Quality Thresholds

🏭 Reconciliation of Net Surplus to Net Cash Flow

Domain🏭 Trade, Customs & Industry
KeywordsNet Surplus, Net Cash Flow, Operating Activities, Depreciation, Vested Assets, Tax Receivable, Receivables, Creditors, Tax Payable, Current Assets, Interdivisional Balance, Non-current Items, Disposal of Assets

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