New Zealand Gazette – 1996 – No. 104

Page 2676

✨ Financial Statements



2676
NEW ZEALAND GAZETTE
No. 104

POWERCO LIMITED

Notes to the Financial Statements for the year ended 31 March 1996

1. Statement of Accounting Policies

Reporting Entity

Powerco Limited is a public company registered under the Companies Act 1993. The group consists of Powerco Limited, its subsidiary and its associates. On 1 October 1995 the operations of Powerco were amalgamated with that of Taranaki Energy, an electricity and gas distribution and retailing company serving the central and north Taranaki region, pursuant to Part XIII of the Companies Act 1993. Prior to this amalgamation Taranaki Energy’s financial year ended on 30 June each year.

The following activities are the principal activities undertaken by Powerco Limited throughout the financial year:

  • Distribution and retailing of electricity and value added services.
  • Distribution and retailing of gas and value added services.
  • Hydro electricity generation

These financial statements have been prepared to comply with the provisions of Section 44 of the Energy Companies Act 1992, the Companies Act 1993, the Financial Reporting Act 1993.

Measurement Basis

The accounting principles 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 fixed assets have been revalued.

Specific Accounting Policies

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

a) Basis of Consolidation

The consolidated financial statements include those of Powerco Limited and its wholly owned subsidiary, Taranaki Energy Limited (previously Taranaki Energy Investments Limited). All significant inter-company transactions and balances are eliminated on consolidation. In the parent company financial statements investments in subsidiaries are stated at cost.

b) Associate Companies

These are companies in which the group holds substantial shareholdings and in whose commercial and financial policy decisions it participates.

Associate companies have been reflected in the consolidated financial statements on an equity accounting basis which shows the group’s share of profits in the consolidated statement of financial performance and its share of post acquisition increases or decreases in net assets, in the consolidated statement of financial position.

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🏭 Powerco Limited Statement of Movements in Equity (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statement, Equity, Line, Energy, Other