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New Zealand Gazette – 2008 – No. 33

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✨ Financial Statements Notes

22 FEBRUARY 2008 NEW ZEALAND GAZETTE, No. 33 759

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 35,952 21,861
Retained Earnings 25,104 13,917
91,876 66,598

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 run to maturity.

The fair value of the interest rate swaps at 31 March 2007 is $98,078 (2006 $0)
The fair value of the shares in International Panel and Lumber (West Coast) Limited is $102,810 (2006 $95,400). This represents the value of the 30,000 shares based on the value of net assets as at 31 January 2007.

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.

At balance date the contract amount of foreign currency forward exchange contracts outstanding was $667,902 (2006 $0).

Interest Rate Risk

Interest rate risk is low as borrowings have fixed interest rates except for the Short Term Advance Facility for $16,000,000 (2006 $15,000,000).

The contract amount of interest rates swaps held at 31 March 2007 is $4,000,000 (2006 $0).

VUW Te Waharoa — NZ Gazette 2008, No 33

Gazette.govt.nz — NZ Gazette 2008, No 33

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✨ LLM interpretation of page content

🏭 Westpower Limited Financial Statements Notes (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsShare Capital, Financial Instruments, Credit Risk, Fair Values, Currency Risk, Interest Rate Risk, Westpower Limited

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