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New Zealand Gazette – 1996 – No. 174

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✨ Financial Statements

4598 NEW ZEALAND GAZETTE

ELECTRICITY CORPORATION OF NEW ZEALAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

27. FAIR VALUATION AS AT 1 FEBRUARY 1996 (Cont.)

The results of the exercise have been independently reviewed by Deloitte Touche Tohmatsu, Wellington.

The financial effect of the fair value exercise on ECNZ’s statement of financial position was as follows:

| | Unaudited
| Statement of
| Financial Position
| as at
| 1 February 1996
| after Sale of Assets
| to Contact
| $M | Revaluation
| adjustments
| $M | Unaudited
| Statement of
| Financial Position
| as at
| 1 February 1996
| after Revaluation
| $M |
|--------------------------|----------------------------------------|---------------------------|--------------------------------|
| Current Assets | 495 | - | 495 |
| Non Current Assets | 2,620 | 655 | 3,275 |
| Current Liabilities | (319) | (13) | (332) |
| | 2,796 | 642 | 3,438 |
| Non Current Liabilities | 1,193 | 208 | 1,401 |
| Equity | 1,603 | 434 | 2,037 |
| | 2,796 | 642 | 3,438 |

28. POST BALANCE DATE EVENTS

a) Manapouri Hydro Power Station

On 3 July 1996 ECNZ announced the significant enhancement of its Manapouri Hydro Power Station by building a second tailrace tunnel. The project is estimated to cost approximately $200 million and, subject to consents, is scheduled for completion within 4 years from commencement. The station generation capacity will increase from 585MW to 760MW.

b) Long Term Contracts

Pursuant to the MoU (note 25) ECNZ has offered long-term contracts to its customers by way of tender, commencing on 19 June 1996 covering the next 5 years from 1 October 1996.

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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

💰 Fair Valuation of ECNZ Assets (continued from previous page)

Domain💰 Finance & Revenue
KeywordsECNZ, Fair Valuation, Financial Statements, Asset Review

💰 Post Balance Date Events for ECNZ

Domain💰 Finance & Revenue
KeywordsECNZ, Manapouri Hydro Power Station, Long Term Contracts

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