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New Zealand Gazette – 1996 – No. 111

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✨ Financial Statements Notes

9 SEPTEMBER NEW ZEALAND GAZETTE 2833

TRUSTPOWER LIMITED AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1996

NOTE 10 :INVESTMENTS

KAIMAI HYDROPOWER IS A PARTNERSHIP OPERATED AND OWNED BY TRUSTPOWER LIMITED AND THE TAURANGA DISTRICT COUNCIL. EACH PARTNER HOLDS A 50% INTEREST IN THE ASSETS OF KAIMAI HYDROPOWER. HOWEVER ANY GENERATION SURPLUS IS REBATED ON THE BASIS OF EACH PARTNERS ANNUAL ENERGY PURCHASES. TRUSTPOWER’S SHARE IN THE YEAR TO 31 MARCH 1996 WAS 80.51% (1995 78.4%). ACCORDINGLY THE INVESTMENT IS NOT CONSOLIDATED. TRUSTPOWER’S SHARE OF THE GENERATION SURPLUS IS TAKEN UP AS SALES BY THE GENERATION DIVISION AS WELL AS THE COST OF THE INVESTMENT AND FINANCING THEREOF.

OWNERSHIP IN KAIMAI HYDROPOWER
SHARES IN OTHER COMPANIES

LINE BUSINESS $’000	ENERGY BUSINESS $’000	GENERATION BUSINESS $’000
75	3	27,129
75	3	58
		27,187

(iii)OWNERSHIP IN KAIMAI HYDROPOWER

LOAN LIABILITY
CORPORATE OWNERSHIP

LINE BUSINESS $’000	ENERGY BUSINESS $’000	GENERATION BUSINESS $’000
		15,500
		11,629
-	-	27,129

KAIMAI HYDROPOWER:
TOTAL ASSETS

57,558

NET PROFIT/(LOSS) FOR PERIOD

AN APPLICATION HAS BEEN MADE TO THE HIGH COURT BY THE TAURANGA DISTRICT COUNCIL A PARTNER IN KAIMAI HYDROPOWER FOR A DECLARATORY JUDGEMENT IN RESPECT OF THE DEED THAT GOVERNS THE OPERATION OF THE SCHEME. IT IS NOT BELIEVED THAT THE OUTCOME OF THE CASE WILL RESULT IN ANY MATERIAL CHANGE IN THE RIGHTS AND OBLIGATIONS OF TRUSTPOWER LIMITED UNDER THE DEED. THE TAURANGA DISTRICT COUNCIL’S REPRESENTATIVES HAVE HOWEVER REFUSED TO SIGN THE FINANCIAL STATEMENTS OF KAIMAI HYDROPOWER AND THEREFORE THE PARTNERSHIP’S AUDITORS HAVE BEEN UNABLE TO ISSUE AN AUDIT OPINION.THE PARTNERSHIPS’ AUDITORS HAVE INDICATED THAT IT IS ONLY THE LACK OF SIGNATURE ON THE BALANCE SHEET BY BOTH PARTNERS THAT PREVENTS THE ISSUE OF AN UNQUALIFIED AUDIT OPINION.

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VUW Te Waharoa — NZ Gazette 1996, No 111

NZLII — NZ Gazette 1996, No 111

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

💰 Trustpower Limited Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Investments, Kaimai Hydropower, Partnership, Legal Dispute

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