New Zealand Gazette – 1997 – No. 180

Page 4307

✨ Financial Statements and Accounting Policies

Statement of Accounting Polices

Reporting Entity

Powerco Limited is a company registered under the Companies Act 1993. The group consists of Powerco Limited, its subsidiary and its associates.

The following activities are the principal activities undertaken by Powerco Limited throughout the financial year:

Distribution and retailing of electricity and value added services.
Distribution and retailing of gas and value added services.
Hydro electricity generation.

These financial statements have been prepared to comply with the provisions of the Gas (Information Disclosure) Regulations 1997.

Measurement Basis

The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed by the Group, with the exception that certain fixed assets have been revalued.

Specific Accounting Polices

The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:

a) Basis of Consolidation

The consolidated financial statements include those of Powerco Limited and its wholly owned subsidiary, Taranaki Energy Limited. All significant inter-company transactions and balances are eliminated on consolidation. In the parent company financial statements investments in subsidiaries are stated at cost.

b) Associate Companies

These are companies in which the group holds substantial shareholdings and exercises significant influence in commercial and financial policy decisions.

Associate companies have been reflected in the consolidated financial statements on an equity accounting basis which shows the group’s share of profits in the consolidated statement of financial performance and its share of post acquisition increases or decreases in net assets, in the consolidated statement of financial position.

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VUW Te Waharoa — NZ Gazette 1997, No 180

NZLII — NZ Gazette 1997, No 180

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🏭 Statement of Accounting Policies for Powerco Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsAccounting Policies, Financial Statements, Powerco Limited, Gas Information Disclosure Regulations

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