MARLBOROUGH ELECTRIC LIMITED

FINANCIAL STATEMENTS PREPARED IN ACCORD WITH THE ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

BALANCE SHEET AS AT 31 MARCH 1996

| CURRENT ASSETS | | | | | | | | |
| Cash and Bank Balances | 627,104 | 2,251,903 | 2,965,109 | 5,844,116 | 714,122 | 918,157 | 2,312,371 | 3,944,650 |
| Accounts Receivable | 598,227 | 5,513 | 2,552,880 | 3,156,620 | 230,902 | 57,914 | 3,034,116 | 3,322,932 |
| Inventories | 1,049,007 | | 618,974 | 1,667,981 | 1,137,843 | | 689,984 | 1,827,827 |

| TOTAL CURRENT ASSETS | 2,274,338 | 2,257,416 | 6,136,963 | 10,668,717 | 2,082,867 | 976,071 | 6,036,471 | 9,095,409 |

| CURRENT LIABILITIES | | | | | | | | |
| Creditors and Accruals | 1,210,982 | (248,951) | 1,349,777 | 2,311,808 | 1,037,238 | (126,382) | 1,246,567 | 2,157,423 |
| Provision for Tax | (2,825) | 2,975 | (9,459) | (9,309) | | (24,380) | 215,561 | 191,181 |
| Provision for Dividend | 92,979 | 801,288 | 530,733 | 1,425,000 | 1,200,000 | | | 1,200,000 |
| Customer Deposits | | | 236,835 | 236,835 | | | 246,585 | 246,585 |

| TOTAL CURRENT LIABILITIES | 1,301,136 | 555,312 | 2,107,886 | 3,964,334 | 1,037,238 | 1,049,238 | 1,708,713 | 3,795,189 |

| WORKING CAPITAL | 973,202 | 1,702,104 | 4,029,077 | 6,704,383 | 1,045,629 | (73,167) | 4,327,758 | 5,300,220 |

| NON CURRENT ASSETS (at cost) | 25,901,543 | 26,716,341 | 1,888,811 | 54,506,695 | 24,744,760 | 26,456,183 | 1,721,664 | 52,922,607 |
| Less Depreciation | 8,592,422 | 8,135,916 | 1,196,045 | 17,924,383 | 7,413,175 | 7,612,140 | 1,048,159 | 16,073,474 |

| TOTAL NON CURRENT ASSETS | 17,309,121 | 18,580,425 | 692,766 | 36,582,312 | 17,331,585 | 18,844,043 | 673,505 | 36,849,133 |

| NON CURRENT LIABILITIES | 7,800,000 | | 1,000,000 | 8,800,000 | 8,800,000 | | 1,000,000 | 9,800,000 |

| NET ASSETS | 10,482,323 | 20,282,529 | 3,721,843 | 34,486,695 | 9,577,214 | 18,770,876 | 4,001,263 | 32,349,353 |

| REPRESENTED BY SHAREHOLDERS EQUITY: | | | | | | | | |
| Issued and Paid Up Capital | 8,736,142 | 16,047,638 | 3,216,220 | 28,000,000 | 8,736,142 | 16,047,638 | 3,216,220 | 28,000,000 |
| Share Premium Reserve | | 1,025,894 | | 1,025,894 | | 1,025,894 | | 1,025,894 |
| Retained Earnings | 1,746,181 | 3,208,997 | 505,623 | 5,460,801 | 841,073 | 1,697,343 | 785,043 | 3,323,459 |

| TOTAL SHAREHOLDERS EQUITY | 10,482,323 | 20,282,529 | 3,721,843 | 34,486,695 | 9,577,215 | 18,770,875 | 4,001,263 | 32,349,353 |

The accompanying notes form an integral part of these financial statements.

NEW ZEALAND GAZETTE
2 SEPTEMBER