New Zealand Gazette – 1994 – No. 125

Page 3678

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 125

Trans Power New Zealand Limited

Electricity (Information Disclosure) Regulations 1994

Consolidated Statement of Financial Performance for the 12 months ended 30 June 1994

Notes 1994 12 months $000
Revenue 3 515,196
Operating expenses 4 295,418
Earnings from operations 219,778
Net finance costs 5 100,993
Earnings before tax 118,785
Taxation expense 6 16,768
Earnings after tax 102,017
Retained earnings at the
beginning of the period 10,469
Earnings after tax 102,017
Retained earnings available
for appropriation 112,486
Transfer to capital redemption reserve 8 112,478
Dividends paid 7 —
Retained earnings at the end of the period 0

The notes form an integral part of these financial statements.

Consolidated Statement of Financial Position as at 30 June 1994

Notes 30 Jun 1994 $000
Assets Employed
Current assets 8 123,354
Investments 9 1,505
Fixed assets 10 2,870,405
Total Assets Employed 2,995,264
Funds Employed
Current liabilities 11 51,923
Long term liability 12 4,400
Debt 13 1,738,933
Total Liabilities 1,795,256
Shareholders' and other equity funds 14 1,200,008
Total Funds Employed 2,995,264

The notes form an integral part of these financial statements.

On behalf of the Board

D. S. Ritchie
Chairman

C. B. Durbin
Director

7 November 1994

Notes to the Financial Statements for the 12 months ended 30 June 1994

1. STATEMENT OF ACCOUNTING POLICIES

General Accounting Policies

The general accounting policies recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed by the Group, with the exception that certain investments have been revalued. Accrual accounting is used to match expenses and revenues. Reliance is placed on the fact that the Group is a going concern.

Special Purpose Financial Statements

These consolidated financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1994 (the “Regulations”). As this is the first year that the Regulations have been in effect, comparative information is not required, and therefore no comparative information has been prepared.

For the purposes of the Regulations, only Group financial statements are relevant, and therefore no Parent financial statements have been prepared.

In subsequent years, it is envisaged that special purpose financial statements will not be required as the Group's financial year will be in line with the definition of “financial year” in the Regulations.

Particular Accounting Policies

The following particular accounting policies which materially affect the measurement of financial performance and financial position have been consistently applied:

(a) Revenue

Revenue shown in the Statement of Financial Performance comprises the amounts received and receivable by the Group for transmission services and lease revenue. Revenue is stated exclusive of Goods and Services Tax.

(b) Current Assets

Receivables are stated at their estimated net realisable value.

Stocks are valued at the lower of cost, calculated on the weighted average cost basis, or estimated net realisable value.

(c) Investments

Investments are valued at net realisable value. The increase in the value of investments is included in investment income in the Statement of Financial Performance.

(d) Fixed Assets

Fixed assets are valued at the cost at which they were purchased from the Crown as at 1 April 1987, adjusted by subsequent additions at cost, disposals and depreciation.

Capital work in progress is recorded at cost. For major capital works, finance costs are capitalised. Finance costs incurred during the period of time that is required to complete and prepare the fixed asset for its intended use are capitalised as part of the total cost of the major capital works. The finance costs capitalised are based on the actual cost directly attributable to the construction of the asset.



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✨ LLM interpretation of page content

🌾 Trans Power New Zealand Limited Information for Disclosure (continued from previous page)

🌾 Primary Industries & Resources
7 November 1994
Electricity, Information Disclosure, Trans Power New Zealand Limited
  • D. S. Ritchie, Chairman
  • C. B. Durbin, Director