New Zealand Gazette – 1996 – No. 174

Page 4582

✨ Financial Statements



4582 NEW ZEALAND GAZETTE
No. 174

ELECTRICITY CORPORATION OF NEW ZEALAND LIMITED

STATEMENT OF FINANCIAL PERFORMANCE

FOR THE YEAR ENDED 30 JUNE 1996

Notes 1996 $M 1995 $M
CONTINUING ACTIVITIES
Revenue 1 1,066 1,196
Operating Expenses 528 599
Net Finance Costs 2 94 82
Operating Surplus from Continuing Activities 444 515

| DISCONTINUED ACTIVITIES | | | |
| Revenue | 1 | 293 | 257 |
| Operating Expenses | | 239 | 168 |
| Operating Surplus from Discontinued Activities | | 54 | 89 |

| SURPLUS BEFORE TAXATION | 3 | 498 | 604 |
| Taxation Expense | 4 | 161 | 191 |
| NET SURPLUS FOR THE YEAR | | 337 | 413 |

STATEMENT OF MOVEMENTS IN EQUITY

FOR THE YEAR ENDED 30 JUNE 1996
Equity at Start of the Year 2,582 3,825
Net Surplus for the Year 337 413
Surplus Arising on Fair Valuation 27 434 -
3,353 4,238

| Dividends Payable in Cash: | | | |
| Ordinary Dividends Paid or Provided | 5 | 243 | 256 |
| Special Dividends Paid | 5 | 1,173 | 600 |
| Preference Share Capital and Premium Repaid | 5 | - | 800 |
| | | 1,416 | 1,656 |

| Equity at End of Year | | 1,937 | 2,582 |

The accounting policies on pages 3 to 5 and notes on pages 6 to 17 form part of these financial statements.



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✨ LLM interpretation of page content

🏭 Electricity Corporation Financial Performance (continued from previous page)

🏭 Trade, Customs & Industry
Financial Performance, Revenue, Operating Expenses, Net Surplus, Taxation, Dividends, Equity