New Zealand Gazette – 2008 – No. 50

Page 1421

✨ Financial Statements Notes

TOP ENERGY LIMITED-LINE BUSINESS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2007

14 RELATED PARTY TRANSACTIONS

a. Asset maintenance services are provided by the Contracting Division in respect of the System fixed asset. Services are provided as contracted by the Line business and are charged at market rates on an arms length basis. Services were provided throughout the year. The outstanding balance at 31 March 2007 was $286,364 (2006: $263,172).

b. Avoided Transmission charges are paid in respect of embedded generation provided by Ngawha Generation Limited. Charges are based on the Transpower market rate. The service was provided for the full year. The outstanding balance at 31 March 2007 was $62,748 (2006: $51,515).

c. Property facilities are provided to the Line business by the Property Division. Rentals are at market rates for the specific sites. Services were provided throughout the year. The property rental includes cost recovery in respect of rates of $5,649 (2006: $6,494).

d. Asset construction services are provided by the Contracting Division in respect of the System fixed asset. Services are provided as contracted by the Line business and are charged on a full cost recovery basis. Services were provided throughout the year. The outstanding balance at 31 March 2007 was $387,567 (2006: $301,651).

15 FINANCIAL INSTRUMENTS

a. Currency and Interest Rate Risk

Nature of activities and management policies with respect to financial instruments:

i. Currency

Top Energy Group has undertaken foreign currency transactions from time to time in connection with its activities. To manage the foreign currency risk the Group has used forward exchange contracts. There are no contracts in place at 31 March 2007 relating to the Line business.

VUW Te Waharoa — NZ Gazette 2008, No 50

Gazette.govt.nz — NZ Gazette 2008, No 50

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✨ LLM interpretation of page content

🏭 Notes to Financial Statements of Top Energy Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Related party transactions, Asset maintenance, Transmission charges, Property facilities, Asset construction, Financial instruments, Currency risk, Interest rate risk

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