New Zealand Gazette – 2008 – No. 37

Page 853

✨ Financial Statements

26 FEBRUARY 2008 NEW ZEALAND GAZETTE, No. 37 853

13. FINANCIAL INSTRUMENTS

(A) Nature of activities and management policies with respect to financial instruments.

(i) Credit Risk
The company incurs credit risk from transactions with trade debtors and financial institutions in the normal course of business. At balance date the company had a significant concentration of credit risk relating to the amount receivable from Electricity Retailers. The company has a programme to manage this risk concentration, including monitoring the credit status of the major debtor, adhering to specific credit policy requirements and having the contractual ability to require security to be provided by these customers under certain circumstances.

The maximum estimated credit exposure in respect of trade debts is:

Total asset class - $2.7 million (2006: $2.4 million)
Debts subject to significant debt concentration risk - $1.8 million (2006: $1.7 million)

The company does not generally require collateral or security to support financial instruments other than as outlined above, due to the quality of the financial institutions dealt with.

(ii) Currency Risk
The company does not generally undertake any transactions denominated in foreign currencies apart from the purchase of distribution system equipment and does not hold any long term borrowings.

(iii) Interest Rate Risk
The company uses interest rate swaps, forward rate agreements and interest rate agreements and interest rate caps to manage its interest rate risk.

At balance date, no swaps or forward rate agreements were held (2006: Nil).

(B) Fair Values

Cash and Liquid Deposits, Short and Long Term Loans, Accounts Payable and Receivable.

The carrying value of these items is equivalent to their fair value.

VUW Te Waharoa — NZ Gazette 2008, No 37

Gazette.govt.nz — NZ Gazette 2008, No 37

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✨ LLM interpretation of page content

💰 Statement of Accounting Policies for Counties Power Limited – Lines Business (continued from previous page)

Domain💰 Finance & Revenue
Dated26 February 2008
KeywordsFinancial Statements, Payables, Accruals, Fixed Assets, Depreciation, Distribution System Assets, Land and Buildings, Operating Lease Commitments, Capital Commitments, Contingent Liabilities, Financial Instruments, Credit Risk, Currency Risk, Interest Rate Risk, Fair Values

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