NEW ZEALAND GAZETTE

No. 97

COUNTIES POWER LIMITED

ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

Counties Power electricity business consists of line business activities and electricity retailing. To provide the best service to customers these activities are undertaken as a single operation. Accordingly statutory financial reporting and management reporting do not distinguish between line business and electricity retailing activities. For the purposes of these regulations a methodology has been adopted to provide an accounting separation.

CERTIFICATION OF FINANCIAL STATEMENTS, PERFORMANCE MEASURES, AND STATISTICS DISCLOSED BY LINE OWNERS OTHER THAN TRANS POWER

We, James McNaughton and Alan Douglas Eyes, principals of Counties Power Limited certify that, having made all reasonable enquiry, to the best of our knowledge,-

a) The attached audited financial statements of Counties Power Limited prepared for the purposes of regulation 6 of the Electricity (Information Disclosure) Regulations 1994, give a true and fair view of the matters to which they relate and comply with the requirements of those regulations; and

b) The attached information, being financial performance measures, efficiency performance measures, energy delivery efficiency measures, statistics, and reliability performance measures in relation to Counties Power Limited, and having been prepared for the purposes of regulations 13, 14, 15 and 16 of the Electricity (Information Disclosure) Regulations 1994, comply with the requirements of the Electricity (Information Disclosure) Regulations 1994.

The valuations on which those financial performance measures are based are as at 31 March 1995.

James McNaughton
Chief Executive Officer

Alan D Eyes
Company Secretary

24 August 1995

DISCLOSURE OF FINANCIAL STATEMENTS PURSUANT TO REGULATION 6 OF THE ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

Note: The accompanying Statement of Accounting Policies and Notes form part of and are to be read in conjunction with these Financial Statements. The Financial Statements have been prepared solely for the purpose of complying with regulations 6(2) and 6(3) of the Electricity (Information Disclosure) Regulations 1994 and are not intended for any other purpose.

CERTIFICATION BY AUDITOR IN RELATION TO LINE AND OTHER BUSINESS FINANCIAL STATEMENTS

We have examined for the purposes of Regulation 6 of the Electricity (Information Disclosure) Regulations 1994, the Counties Power Limited Line and Other Business financial statements for the year ended 31 March 1995 as appearing on pages 1 to 4.

We hereby certify that, having made all reasonable enquiry, to the best of our knowledge, those financial statements give a true and fair view of the matters to which they relate and have been prepared in accordance with the requirements of the Electricity (Information Disclosure) Regulations 1994.

Coopers & Lybrand
Chartered Accountants

Auckland
28 August 1995

COUNTIES POWER LIMITED

Parent and Consolidated

STATEMENT OF PROFIT AND LOSS AND RETAINED EARNINGS - LINE BUSINESS

For the Year Ended 31 March 1995

COUNTIES POWER LIMITED

Parent and Consolidated

BALANCE SHEET - LINE BUSINESS

As at 31 March 1995

SHAREHOLDERS FUNDS

| Share Capital | 13514 |
| Share Premium Reserve | 15797 |
| Retained Earnings | 2934 |
| TOTAL SHAREHOLDERS FUNDS | 32245 |

CURRENT ASSETS

| Cash | 5423 |
| Accounts Receivable | 2814 |
| Inventories | 1223 |
| TOTAL CURRENT ASSETS | 9460 |

CURRENT LIABILITIES

| Accounts Payable | 2268 |
| Provision for Replacement of Uneconomic Lines | 390 |
| TOTAL CURRENT LIABILITIES | 2658 |
| Working Capital | 6802 |

FIXED ASSETS

| Distribution System Less Provision for Depreciation | 21379 |
| Land | 616 |
| Buildings Less Provision for Depreciation | 2299 |
| Plant and Equipment Less Provision for Depreciation | 1594 |
| Motor Vehicles Less Provision for Depreciation | 574 |
| TOTAL FIXED ASSETS | 26462 |

TOTAL ASSETS LESS CURRENT LIABILITIES | 33264 |

LESS TERM LIABILITIES

| Provision for Replacement of Uneconomic Lines | 581 |
| Less Deferred Taxation | 438 |
| NET ASSETS | 32245 |