New Zealand Gazette – 1997 – No. 103

Page 2406

✨ Financial Notes and Accounts



NEW ZEALAND GAZETTE

No. 103

2406

Note 6 Accounts Payable

1997 $
Trade Creditors 1,838,117
Accruals 57,717
Employee Provisions 264,809
Total 2,160,643
1996 $
Trade Creditors 1,466,065
Accruals 53,968
Employee Provisions 248,785
Total 1,768,818

Note 7 Financial Commitments

Estimated capital expenditure contracted for at balance but not provided for

Nil

Note 8 Contingent Liabilities

There is a maximum underwriting guarantee of $1,400,000 associated with the share capital in PowerBuy Group Limited to enhance that company’s credit rating and negotiating powers with electricity generators.

With the establishment of the new wholesale electricity market operation on 1 October 1996, the prudential requirements of the market necessitated in the Company providing a third party guarantee to Electricity Market Company Limited (EMCO) based on the average monthly amount of electricity purchased during the different seasons. As at 31 March 1997 a standby letter of credit was provided by Westpac Banking Corporation amounting to $1,157,725. The Company has provided full indemnity to Westpac Banking Corporation in relation to the standby letter of credit. (1996 NIL)

Note 9 Deferred Shares

These shares are owned by the Ashburton District Council and have no rights as to:

a) Any distribution of dividends or rebates or

b) Exercise any vote except as provided in clause 14.2 of the Company’s Constitution.

c) Any distribution on a winding up of Company.

d) Any rights on amalgamation of the Company except as expressly provided in clauses 6.2 to 6.12 of the Company’s Constitution.

Note 10 Customer Rebate

Calculations for the rebate paid to each customer were based on the individual customer group’s contribution to the operating surplus and allocated according to the value of their electricity purchases for the financial year.

The 1996 rebate was paid by cheque after balance date while the 1997 rebate was credited to customer’s accounts prior to balance date.



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✨ LLM interpretation of page content

🏭 Electricity Information Disclosure for Ashburton Limited (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Financial Performance, Revenue, Expenditure, Taxation, Accounting