NEW ZEALAND GAZETTE

No. 114

COUNTIES POWER LIMITED DISCLOSURE OF FINANCIAL STATEMENTS PURSUANT TO REGULATION 6 OF THE ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

FOR THE YEAR ENDED 31 MARCH 1998

Counties Power’s electricity business consists of line business activities and electricity retailing. To provide the best service to customers these activities are undertaken as a single operation. Accordingly statutory financial reporting and management reporting do not distinguish between line business and electricity retailing activities. For the purposes of these regulations a methodology has been adopted to provide an accounting separation.

CERTIFICATION OF FINANCIAL STATEMENTS, PERFORMANCE MEASURES, AND STATISTICS OTHER THAN TRANS POWER DISCLOSED BY LINE OWNERS

We, James McNaughton and John Kenneth Trigance, principals of Counties Power Limited certify that, having made all reasonable enquiry, to the best of our knowledge, -

a) The attached audited financial statements of Counties Power Limited prepared for the purposes of regulation 6 of the Electricity (Information Disclosure) Regulations 1994, give a true and fair view of the matters to which they relate and comply with the requirements of those regulations; and

b) The attached information, being financial performance measures, efficiency performance measures, energy delivery efficiency performance measures, statistics, and reliability performance measures in relation to Counties Power Limited, and having been prepared for the purposes of regulations 13, 14, 15 and 16 of the Electricity (Information Disclosure) Regulations 1994, comply with the requirements of the Electricity (Information Disclosure) Regulations 1994.

The ODV valuation on which those financial performance measures are based is as at 31 March 1998.

J. McNaughton
Chief Executive Officer

J.K. Trigance
Director

1 July 1998

DISCLOSURE OF FINANCIAL STATEMENTS PURSUANT TO REGULATION 6 OF THE ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

Counties Power Limited
STATEMENT OF FINANCIAL PERFORMANCE - LINE BUSINESS
For the Year ended 31 March 1998

STATEMENT OF MOVEMENTS IN EQUITY - LINE BUSINESS

For the Year Ended 31 March 1998

These financial statements are to be read in conjunction with the notes on pages 2 to 6 and the Certificates on page 1.

Counties Power Limited
STATEMENT OF FINANCIAL POSITION - LINE BUSINESS
As at 31 March 1998

Note: 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.

CERTIFICATION BY AUDITORS IN RELATION TO FINANCIAL STATEMENTS

We have examined for the purposes of Regulation 6 of the Electricity (Information Disclosure) Regulations 1994, the Counties Power Limited Line and Other Business financial statements for the year ended 31 March 1998, as appearing on pages 1 to 6.

We hereby certify that, having made all reasonable enquiry, to the best of our knowledge, those financial statements give a true and fair view of the matters to which they relate and have been prepared in accordance with the requirements of the Electricity (Information Disclosure) Regulations 1994.

D.P. Scott
COOPERS & LYBRAND
Chartered Accountants
On behalf of the Controller and Auditor-General
1 July 1998