3418 NEW ZEALAND GAZETTE No. 141

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 John Kenneth Trigance, 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 performance 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 1996.

J. McNaughton
Chief Executive Officer

J.K. Trigance
Director

26 August 1996

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 AUDITORS IN RELATION TO 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 1996, as appearing on pages 1 to 5.

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

29 August 1996

COUNTIES POWER LIMITED

Parent and Consolidated

STATEMENT OF FINANCIAL PERFORMANCE - LINE BUSINESS

For the Year Ended 31 March 1996

SALES | | 20,238 | 18,373
NET PROFIT/(LOSS) BEFORE TAXATION | (3) | 1,775 | 1,752
Taxation Expense | (4) | 618 | 591
NET PROFIT/(LOSS) AFTER TAXATION | | 1,157 | 1,161

Parent and Consolidated

STATEMENT OF MOVEMENTS IN EQUITY

For the Year Ended 31 March 1996

EQUITY AT BEGINNING OF YEAR | | 32,245 | 31,084
NET PROFIT FOR YEAR | | 1,157 | 1,161
DIVIDEND | (10)| (3,600)| -
Ordinary Shares | | | -
EQUITY AT END OF YEAR | | 29,802 | 32,245

These financial statements are to be read in conjunction with the notes on pages 2 to 5 and the Auditors' Report on page 1.

COUNTIES POWER LIMITED

Parent and Consolidated

STATEMENT OF FINANCIAL POSITION - LINE BUSINESS

As at 31 March 1996

SHAREHOLDERS FUNDS
Share capital | (5) | 13,514 | 13,514
Share Premium Reserve | (6) | 15,797 | 15,797
Retained Earnings | | 491 | 2,934
TOTAL SHAREHOLDERS FUNDS | | 29,802 | 32,245

CURRENT ASSETS
Cash | | 1,960 | 5,423
Accounts Receivable | (7) | 2,706 | 2,814
Inventories | (8) | 44 | 1,223
TOTAL CURRENT ASSETS| | 4,710 | 9,460

CURRENT LIABILITIES
Accounts Payable | (9) | 2,916 | 2,268
Provision for Replacement of Uneconomic Lines | (12) | 420 | 390
TOTAL CURRENT LIABILITIES | | 3,336 | 2,658

Working Capital | | 1,374 | 6,802

FIXED ASSETS
Distribution System Less Provision for Depreciation | (11) | 25,030 | 21,379
Land | | 683 | 616
Buildings Less Provision for Depreciation | | 1,776 | 2,299
Plant and Equipment Less Provision for Depreciation | | 1,434 | 1,594
Motor Vehicles Less Provision for Depreciation | (11) | 616 | 574
TOTAL FIXED ASSETS | | 29,539 | 26,462

TOTAL ASSETS LESS CURRENT LIABILITIES | | 30,913 | 33,264

LESS TERM LIABILITIES
Provision for Replacement of Uneconomic Lines | (12) | 487 | 581
LESS DEFERRED TAXATION | (4) | 624 | 438
NET ASSETS | | 29,802 | 32,245

These financial statements are to be read in conjunction with the notes on pages 2 to 5 and the Auditors' Report on page 1.