25 AUGUST NEW ZEALAND GAZETTE 2407

ELECTRICITY ASHBURTON LIMITED - LINES BUSINESS ACTIVITY
STATEMENT OF FINANCIAL PERFORMANCE
FOR THE YEAR ENDED 31 MARCH 1997

REVENUE Notes 1997 1996
$ $
OPERATING EXPENDITURE 2 6,755,435 5,461,639
DEPRECIATION 1,613,772 1,412,058
8,369,207 6,873,697
OPERATING SURPLUS before Rebate 2,370,327 2,540,387
Customer Rebates 1,085,343 1,158,154
OPERATING SURPLUS before Taxation 1,284,984 1,382,233
Taxation 732,231 640,702
OPERATING SURPLUS after Taxation $552,753 $741,531

STATEMENT OF MOVEMENTS IN EQUITY
FOR THE YEAR ENDED 31 MARCH 1997

EQUITY AT THE START OF THE YEAR 1997 1996
$ $
Operating Surplus after Taxation 2,142,055 1,400,524
Total Recognised Revenue and Expenses for the Period 552,753 741,531
EQUITY AT THE END OF THE YEAR $2,694,808 $2,142,055

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 1997

EQUITY : Notes 1997 1996
$ $
Authorised Capital :
31,000,000 shares of $1 31,000,000 31,000,000
Issued Capital :
24,200,000 shares of $1 fully paid 23,191,670 23,191,670
Deferred Shares 1,008,330 1,008,330
Share Premium Reserve 1,756,173 1,756,173
Retained Earnings 2,694,808 2,142,055
TOTAL SHAREHOLDERS’ EQUITY $28,650,981 $28,098,228

REPRESENTED BY :

CURRENT ASSETS :
Bank and Short Term Deposits (1,845,296) 70,064
Inventories 1,150,397 1,305,011
Taxation Refund 25,618 0
Accounts Receivable 966,544 1,620,275
Total Current Assets: $317,263 2,995,350

CURRENT LIABILITIES :
Provision for Taxation 0 95,620
Customer Rebate Payable 0 1,302,923
Accounts Payable 1,069,772 891,270
Bank Loan 210,494 0
Total Current Liabilities 1,280,266 2,289,813

NET CURRENT ASSETS (963,003) 705,537

NON CURRENT ASSETS :
Investments 0 0
Fixed Assets 30,909,209 28,118,088
Total Non Current Assets 30,909,209 28,118,088

NON CURRENT LIABILITIES :
Deferred Taxation 1,295,225 725,397

TOTAL NET ASSETS $28,650,981 $28,098,228

For and on behalf of the Board

CHAIRMAN DIRECTOR

DATE 13 JUL 1997

The accompanying notes form part of these financial statements