6 SEPTEMBER NEW ZEALAND GAZETTE 2771

HAWKE'S BAY POWER DISTRIBUTION LIMITED AND SUBSIDIARY

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 1996

| | 1996 | 1995 | 1996 | 1995 |
| | Lines Business | Lines Business | Other Businesses | Other Businesses |
| | $000 | $000 | $000 | $000 |
| SHAREHOLDERS' FUNDS | Notes | | | | |
| Share Capital | 7 | 58,000 | 58,000 | 6,000 | 6,000 |
| Share Premium Reserve | | 2,661 | 2,661 | - | - |
| Retained Earnings | | (3,398) | (2,905) | 3,010 | 1,599 |
| | 57,263 | 57,756 | 9,010 | 7,599 |

Represented by:

NON CURRENT ASSETS

| Fixed Assets | 8 | 62,483 | 62,248 | 235 | 208 |
| Future Taxation Benefits | 3 | 466 | 562 | 7 | - |
| Other Investments | | 6 | 8 | - | - |
| | | 62,955 | 62,818 | 242 | 208 |

CURRENT ASSETS

| Cash | | (663) | 1,497 | 2,903 | 4,877 |
| Receivables and Prepayments | 9 | 3,528 | 3,428 | 5,628 | 5,167 |
| Inventories | | 1,720 | 1,870 | 983 | 987 |
| Work in Progress | | 152 | 155 | 10 | 3 |
| Taxation Refund Due | | - | - | 105 | 105 |
| Inter-Company Advance | | - | - | 3,000 | - |
| | | 4,737 | 6,950 | 12,629 | 11,139 |

TOTAL ASSETS | | 67,692 | 69,768 | 12,871 | 11,347 |

NON CURRENT LIABILITIES

| Term Debt | 10 | 4,100 | 6,100 | - | - |
| Deferred Taxation | 3 | 527 | - | - | - |
| Inter-Company Advance | | 3,000 | - | - | 6 |
| | | 7,627 | 6,100 | - | 6** |

CURRENT LIABILITIES

| Accounts Payable and Accruals | | 2,003 | 2,044 | 3,796 | 3,681 |
| Taxation Payable | | 122 | 122 | - | - |
| Current Portion of Term Liabilities| | - | 3,050 | - | - |
| Employee Entitlements | | 677 | 696 | 65 | 61 |
| | | 2,802 | 5,912 | 3,861 | 3,742 |

TOTAL LIABILITIES | | 10,429 | 12,012 | 3,861 | 3,748 |

NET ASSETS EMPLOYED | | 57,263 | 57,756 | 9,010 | 7,599 |

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.