New Zealand Gazette – 2006 – No. 145

Page 4169

✨ Financial Statements

21 NOVEMBER 2006 NEW ZEALAND GAZETTE, No. 145 4169

Note 7. Share Capital

Share Capital (issued and fully paid)

25,000,000 ordinary shares 25,000 25,000
300,000 7.25% Redeemable Preference Shares 300 300
5,000,000 Preference Shares 5,000 5,000

Capital Reserve 102 102
Transition Reserve 418 418
Asset Revaluation Reserve 21,861 21,861
Retained Earnings 13,917 10,803
66,598 63,484

Note 8. Financial Instruments

Credit Risk

Financial instruments which potentially subject the Company to credit risk principally consist of bank accounts, accounts receivable and investments.

The Company places its cash with high quality financial institutions and limits the amount of exposure to any one financial institution. There is a high concentration of credit risk to Trustpower.

The maximum exposure to credit risk at balance date is the fair value of the instruments as stated in the Statement of Financial Position.

Fair Values

For all financial instruments other than the interest rate swaps and the shareholding in International Panel and Lumber (West Coast) Limited the fair value is equivalent to the carrying amount as stated in the Statement of Financial Position. Borrowings are planned to be run to maturity. The fair value of the interest rate swaps at 31 March 2006 is $0 (2005 $0).

The fair value of the shares in International Panel and Lumber (West Coast) Limited is $95,400 (2005 $95,400). This represents the value of the 30,000 shares based on the value of net assets as at 31 January 2005.

Currency Risk

The Company has minimal currency risk given that financial instruments are principally transacted in New Zealand dollars. Forward exchange contracts may be employed by the Company to manage exposure to currency fluctuations.

Interest Rate Risk

Interest rate risk is low as borrowings have fixed interest rates except for the Short Term Advance Facility for $15,000,000 (2005 $7,000,000).

The contract amount of interest rate swaps held at 31 March 2006 is $0 (2005 $0).

VUW Te Waharoa — NZ Gazette 2006, No 145

Gazette.govt.nz — NZ Gazette 2006, No 145

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

💰 Westpower Limited Financial Notes (continued from previous page)

Domain💰 Finance & Revenue
KeywordsShare Capital, Financial Instruments, Credit Risk, Fair Values, Currency Risk, Interest Rate Risk

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