New Zealand Gazette – 1997 – No. 110

Page 2586

✨ Financial Disclosure



2586 NEW ZEALAND GAZETTE No. 110

  1. Fixed assets

Fixed assets assigned to Southpower’s line business are as follows:

1997 1996
Line Line
Business Business
$000’s $000’s
Land (at valuation) 6,926 5,064
Land (at cost) - 272
6,926 5,336

| Buildings (at valuation) | 12,565 | 6,325 |
| Buildings (at cost) | - | 2,331 |
| Accumulated depreciation | - | (421) |
| | 12,565 | 8,235 |

| Distribution system (at valuation) | 468,775 | 281,686 |
| Distribution system (at cost) | 1,109 | 35,208 |
| Accumulated depreciation | - | (19,597) |
| | 469,884 | 297,297 |

| Vehicles, furniture and equipment | | |
| (at valuation) | - | - |
| Vehicles, furniture and equipment | | |
| (at cost) | - | 45 |
| Accumulated depreciation | - | (1) |
| | - | 44 |

| Total fixed assets | 489,375 | 310,912 |

| Capital work in progress included at balance date | 1,109 | 2,770 |

  1. Shareholders’ equity

The mandatory convertible notes have been assigned to the line business, as the line business assets were the primary assets acquired on corporatisation.

The revaluation reserve has been assigned to those businesses which notionally own the revalued assets.

Following these steps, ordinary shares, the share premium reserve and retained earnings have been allocated pro rata amongst the business units.



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