18 AUGUST NEW ZEALAND GAZETTE 2203

TAURANGA ELECTRICITY LIMITED

4. DIVIDENDS

   Line Line Line Other Other Other
   Business Business Business Business Business Business
   1997 1996 1995 1997 1996 1995

Interim distributions
• Dividends paid 43,643 126,740 110,228 371,357 978,029 756,403
Proposed distribution
• Proposed dividend - 14,324 30,196 - 147,907 202,173
$43,643 $141,064 $140,424 $371,357 $1,125,936 $958,576

5. SHARE CAPITAL

Authorised capital
17,100,000 ordinary $1 shares $4,803,180 $4,796,170 $4,757,666 $12,296,820 $12,303,830 $12,342,334

Issued and paid up capital
17,100,000 ordinary fully paid
shares $4,803,180 $4,796,170 $4,757,666 $12,296,820 $12,303,830 $12,342,334

6. TERM LIABILITIES

Term liabilities consist of:
• Debt security Tauranga Civic
Holdings Ltd - - 2,612,052 - 187,948 -
• Debt security Bank of New
Zealand 3,200,000 2,700,000 - - - -

Due for repayment:
1-2 years 450,000 300,000 373,150 - - 26,850
2-3 years 450,000 300,000 373,150 - - 26,850
3-5 years 900,000 600,000 746,300 - - 53,700
5+ years 1,400,000 1,500,000 1,119,452 - - 80,548
$3,200,000 $2,700,000 $2,612,052 - - $187,948

7. FIXED ASSETS

• Freehold land [at cost] - - - 52,937 52,937 52,937
• Freehold buildings [at cost] 212,351 212,351 212,351 117,353 117,353 117,353
Accumulated depreciation (9,259) (7,208) (4,587) (6,361) (4,782) (2,834)
• Plant & equipment - - - 175,025 158,461 150,687
Accumulated depreciation - - - (67,621) (49,691) (30,308)
• Office furniture & equipment
[at cost] - - - 220,932 203,096 190,425
Accumulated depreciation - - - (163,252) (134,261) (94,943)
• Motor vehicles [at cost] 7,952 7,952 16,775 312,013 277,498 235,658
Accumulated depreciation (4,491) (3,626) (5,368) (139,059) (115,717) (74,101)
• Network assets [at cost] 9,529,139 8,956,804 7,715,295 - - -
Accumulated depreciation (1,693,240)(1,310,838)(654,732) - - -
• Under construction
[Network] [at cost] 80,311 114,688 292,771 - - -
$8,122,763$7,970,123$7,572,505 $501,967 $504,894 $544,874

An ODV valuation was carried out as at 31 March 1997. This valued the assets of the line business at that date. The maximum valuation for the distribution assets totalled $12,680,990.

The accompanying Statement of Accounting Policies and Notes form part of and are to be read in conjunction with these Financial Statements. The Financial Statements have been prepared solely for the purpose of complying with Regulations 6[2] and 6[3] of the Electricity [Information Disclosure] Regulations 1994 and are not intended for any other purpose.

[A:DR97]