✨ Financial Statements
3906
NEW ZEALAND GAZETTE, No. 135
14 NOVEMBER 2006
WEL NETWORKS LIMITED
9 Non-current Liabilities
Payables and accruals - -
Borrowings (refer note 17 ) 36,546 36,546
Deferred tax 17,760 14,615
Other non-current liabilities - -
Total non-current liabilities 54,306 51,161
10 Contingencies
There are no contingent liabilities (2005: nil).
11 Capital commitments
Capital expenditure
Capital commitments as at 31 March 2006 are estimated at $1,499,000 (2005: $4,314,000).
Operating Leases
Non-cancellable operating lease commitments:
Within one year 54 73
Later than one, not later than two years 43 54
Later than two, not later than five years 120 123
Later than five years 759 799
Total Operating Leases 976 1,049
The Group leases land and premises. Operating leases held over properties give
the Group the right to renew the lease subject to a predetermination of the lease
rental by the lessor. There are no options to purchase in respect of land and
premises held under operating leases.
12 Financial Instruments
(a) Risk
Nature of activities and management policies with respect to financial instruments:
(i) Concentrations of Credit Risk
In the normal course of its business, the Group incurs credit risk from trade receivables
from customers and transactions with financial institutions. A provision has been set
up for trade receivables which are unlikely to be collected.
The Group has a credit policy which is used to manage this exposure to credit risk. As
part of this policy, limits on exposures with counterparties have been set and are
monitored on a regular basis.
The Group has in excess of 90% of its trade debtors owing from the incumbent retailer.
This debt is subject to a written agreement and regular credit checks. The Group does not
require any collateral.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 135
Gazette.govt.nz —
NZ Gazette 2006, No 135
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Certification of Financial Statements for WEL Networks Limited
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