7 OCTOBER

NEW ZEALAND GAZETTE

3419

COUNTIES POWER LIMITED
Parent and Consolidated
STATEMENT OF FINANCIAL PERFORMANCE - OTHER BUSINESS
For the Year Ended 31 March 1996

Notes 31 March 31 March
1996 1995
$000 $000
SALES (2) 21,092 20,479
NET PROFIT/(LOSS) BEFORE TAXATION (3) 528 389
Taxation Expense (4) 174 128
NET PROFIT/(LOSS) AFTER TAXATION 354 261

Parent and Consolidated
STATEMENT OF MOVEMENTS IN EQUITY
For the Year Ended 31 March 1996

Notes 31 March 31 March
1996 1995
$000 $000
EQUITY AT BEGINNING OF YEAR 1,747 1,486
NET PROFIT FOR YEAR 354 261
EQUITY AT END OF YEAR 2,101 1,747

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 - OTHER BUSINESS
As at 31 March 1996

Notes 31 March 31 March
1996 1995
$000 $000
SHAREHOLDERS FUNDS
Share Capital (5) 1,486 1,486
Retained Earnings 615 261
TOTAL SHAREHOLDERS' FUNDS 2,101 1,747

CURRENT ASSETS
Cash 250 -
Accounts Receivable (7) 2,947 2,756
Inventories (8) 296 349
TOTAL CURRENT ASSETS 3,493 3,105

CURRENT LIABILITIES
Accounts Payable (9) 1,974 1,917
TOTAL CURRENT LIABILITIES 1,974 1,917

Working Capital 1,519 1,188

FIXED ASSETS (11)
Plant and Equipment Less Provision for
Depreciation 152 185
Motor Vehicles Less Provision for Depreciation 430 374
TOTAL FIXED ASSETS 582 559

TOTAL ASSETS LESS CURRENT LIABILITIES 2,101 1,747

NET ASSETS 2,101 1,747

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 and Subsidiary

NOTES TO AND FORMING PART OF THE
FINANCIAL STATEMENTS

For the Year Ended 31 March 1996

1. STATEMENT OF ACCOUNTING POLICIES

These financial statements are presented in accordance with
the Companies Act 1955 and have been prepared in accordance with the Financial Reporting Act 1993, except that a Statement of Cash Flows has not been presented.

The parent company's financial statements are for Counties
Power Limited as a separate entity and the consolidated
financial statements for the Counties Power Group, which
include the dormant subsidiary as disclosed in Note 17.

METHODOLOGY FOR REPORTING ON SEPERATE BUSINESS ACTIVITIES

The methodology for preparing these financial statements does
not follow that used in the guidelines issued by the Ministry of
Commerce dated 23 June 1994 in all respects.

In terms of Regulation 19 of the Electricity (Information
Disclosure) Regulations 1994 copies of the allocation methodology adopted are available from Counties Power Limited on
request.

GENERAL ACCOUNTING POLICIES

The general accounting policies recognised as appropriate for
the measurement and reporting of results, cash flows and the
financial position based on historical cost, have been followed. Accrual accounting is used to match expenses and
revenues.

Reliance is placed on the fact that the Group is a going
concern.

PARTICULAR ACCOUNTING POLICIES

The following particular accounting policies which materially
affect the measurement of profit and financial position are
consistently applied:

Sales

Sales shown in the profit and loss account comprise the
amounts received and receivable by the company for goods
supplied to customers in the ordinary course of business. The
sales are shown exclusive of Goods and Services Tax collected
from customers.

Electricity Sales

Electricity meters are read on the basis of constant cycles each year. Interim assessed monthly bills are issued for most
customers. Unbilled sales at the financial year end have been
accrued.

Accounts Receivable

Accounts receivable are stated at expected net realisable
value after providing against debts where collection is
doubtful.

Inventories

Inventories are stated at the lower of cost or net realisable
value. Cost is determined at average in store prices. Allowance for obsolescence is made when necessary.