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New Zealand Gazette – 1996 – No. 174

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✨ Financial Statements

2 DECEMBER

NEW ZEALAND GAZETTE

4587

ELECTRICITY CORPORATION OF NEW ZEALAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

	1996	1995
	$M	$M

1. REVENUE

Continuing Activities

Sale of Electricity | 1,036 | 1,143
Other Sales Revenue - Subsidiaries | - | 1
Gain on Disposal of Investments | - | 12
Gain on Sale of Fixed Assets | 2 | 10
Other Income | 28 | 30

Total Revenue from Continuing Activities | 1,066 | 1,196

Other sales revenue consists primarily of contracting revenue.

Other income consists primarily of ancillary service revenue.

As stated in note 26, on 1 February 1996 ECNZ sold eight power stations to Contact at book value. The revenue and expenditure for the eight power stations for the 7 months ended 31 January 1996 is disclosed under discontinued activities. The amounts paid to Contact for electricity between 1 February and 30 June 1996 under the interim generation arrangements, together with the related revenue, are also included as discontinued activities.

Revenue from discontinued activities represents sales of electricity.

2. NET FINANCE COSTS

Loan Interest | 129 | 129
Less: Interest Capitalised | 5 | 5

                            | 124   | 124

Less: Investment Income
Dividends Received - Subsidiaries | 15 | 6
Interest from - Other Investments | 15 | 36

Subsidiaries | - | (1)
Foreign Currency Gains | - | 1

Total Investment Income | 30 | 42

Net Finance Costs | 94 | 82

3. SURPLUS BEFORE TAXATION

Surplus before Taxation is stated after charging:

Depreciation | 122.0 | 132.0
Write Down of Assets | 6.5 | -
Operating Lease and Rental Costs | 0.1 | 2.3

Amounts received by the Auditors for:
Auditing the Financial Statements | 0.3 | 0.4
Other Services | 1.0 | 1.5

Directors Fees | 0.4 | 0.3
Bad Debts Written Off | 0.3 | -
Donations | 0.1 | 0.2

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VUW Te Waharoa — NZ Gazette 1996, No 174

NZLII — NZ Gazette 1996, No 174

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Electricity Corporation Financial Position (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Revenue, Net Finance Costs, Surplus Before Taxation, Electricity Corporation

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