NEW ZEALAND GAZETTE

No. 121

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (Continued)

5. Dividends:

   • Paid | 1,395,300 | - | 647,200 | -
   • Proposed | 2,027,700 | 2,854,300 | 929,900 | 413,700 |
     | 3,423,000 | 2,854,300 | 1,577,000 | 413,700 |

6. Fixed Assets:
   Distribution System - Cost
   | 65,900,764 | 64,208,515 | 5,547,569 | 5,410,237 |
   Less Accumulated Depreciation |
   | (29,047,170) | (27,598,004) | (695,532) | (300,484) |
   | 36,853,594 | 36,610,511 | 4,852,037 | 5,109,753 |

   Buildings - At Valuation
   | 7,380,302 | 5,301,172 | 366,855 | 526,025 |
   Buildings - At Cost
   | - | 494,064 |
   Less Accumulated Depreciation |
   | - | (218,162) | - | (18,928) |
   | 7,380,302 | 5,577,074 | 366,855 | 507,097 |

   Plant and Equipment - Cost
   | 3,755,505 | 2,839,263 | 414,181 | 265,185 |
   Less Accumulated Depreciation |
   | (1,395,963) | (1,419,052) | (264,078) | (126,618) |
   | 2,359,542 | 1,420,211 | 150,103 | 138,567 |

   Motor Vehicles - Cost
   | 3,087,774 | 3,040,599 | 125,734 | 125,803 |
   Less Accumulated Depreciation |
   | (1,802,268) | (1,970,778) | (77,942) | (57,852) |
   | 1,285,506 | 1,069,821 | 47,792 | 67,951 |

   Land - At Valuation
   | 1,002,650 | 1,136,940 | 175,060 | 152,602 |
   | 48,881,594 | 45,814,557 | 5,591,847 | 5,975,970 |

   • Revalued Land and Buildings are stated at net current values as at 31 March 1997, as determined by Coutts Milburn Ltd, Registered Valuers of Whangarei.

7. Share Capital:
   Authorised, issued and paid up capital,
   40,849,998 ordinary shares of $1 each,
   31 March 1996
   | 32,600,000 | 32,600,000 | 8,249,998 | 8,249,998 |
   Authorised and issued during the year
   | - | - | - | -
   Total Issued and Paid Up Capital
   | 32,600,000 | 32,600,000 | 8,249,998 | 8,249,998 |

8. Asset Revaluation Reserve:
   Opening Balance
   | 4,230,070 | 4,438,744 | - | - |
   Transfer to Retained Earnings
   | (133,623) | (208,674) |
   Revaluation 31 March 1997
   | 1,436,666 | - |
   Balance 31 March 1997
   | 5,533,113 | 4,230,070 | - | -

9. Retained Earnings:
   Balance as at 31 March 1996
   | 12,865,818 | 11,243,697 | 549,454 | 342,644 |
   Operating Surplus
   | 4,034,651 | 4,267,749 | 1,859,477 | 620,510 |
   Transfer from Asset Revaluation
   | 133,623 | 208,674 | - |
   Total Available for Appropriation
   | 17,034,092 | 15,720,120 | 2,408,931 | 963,154 |
   Dividends
   | (3,423,000) | (2,854,300) | (1,577,000) | (413,700) |
   Balance 31 March 1997
   | 13,611,092 | 12,865,818 | 831,931 | 549,454 |

10. Investment in Subsidiaries
    Shares in Subsidiaries (unlisted)
    | - | - | 10 | 10 |
    Advances to Subsidiaries
    | - | - | 1,557,949 | 1,560,000 |
    | | | 1,557,959 | 1,560,010 |