3312 NEW ZEALAND GAZETTE No. 138

TAURANGA ELECTRICITY LIMITED

5. SHARE CAPITAL

Authorised capital
5,100,000 ordinary $1 shares

| | $4,796,170 | $4,757,666 | $12,303,830 | $12,342,334 |

Issued and paid up capital
5,100,000 ordinary fully paid $1 shares

| | $4,796,170 | $4,757,666 | $12,303,830 | $12,342,334 |

6. TERM LIABILITIES

Term liabilities consist of:
• Debt security Tauranga Civic Holdings Ltd
• Debt security Bank of New Zealand

| Due for repayment: | | | | |
| 1-2 years | 300,000 | 373,150 | 0 | 26,850 |
| 2-3 years | 300,000 | 373,150 | 0 | 26,850 |
| 3-5 years | 600,000 | 746,300 | 0 | 53,700 |
| 5+ years | 1,500,000 | 1,119,452 | 0 | 80,548 |
| | $2,700,000 | $2,612,052 | $187,948 | |

7. FIXED ASSETS

• Freehold land [at cost] | 0 | 0 | 52,937 | 52,937 |
• Freehold buildings [at cost] | 212,351 | 212,351 | 117,353 | 117,353 |
Accumulated depreciation | (7,208) | (4,587) | (4,782) | (2,834) |
• Plant and equipment | 0 | 0 | 158,461 | 150,687 |
Accumulated depreciation | 0 | 0 | (49,691) | (30,308) |
• Office furniture and equipment [at cost] | 0 | 0 | 203,096 | 190,425 |
Accumulated depreciation | 0 | 0 | (134,261) | (94,943) |
• Motor vehicles [at cost] | 7,952 | 16,775 | 277,498 | 235,658 |
Accumulated depreciation | (3,626) | (5,368) | (115,717) | (74,101) |
• Network assets [at cost] | 8,956,804 | 7,715,295 | 0 | 0 |
Accumulated depreciation [Network] | (1,310,838) | (654,732) | 0 | 0 |
• Under construction [Network] [at cost]| 114,688 | 292,771 | 0 | 0 |

| | $7,970,123 | $7,572,505 | $504,894 | $544,874 |

An ODV valuation was carried out as at 31 March 1995. This valued the assets of the line business at that date. The maximum valuation for the distribution assets totalled $10,592,464

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.

[A:DR96]