14 AUGUST

NEW ZEALAND GAZETTE

2813

31 March 1998 | 31 March 1997
$000 | $000

Counties Power Limited

STATEMENT OF FINANCIAL POSITION - OTHER BUSINESS

As at 31 March 1998

CURRENT LIABILITIES
Bank Overdraft and Short Term Loan ... (9) 3,636 | 2,630
Accounts Payable ... 2,570 | 2,439
Provision for Replacement of Uneconomic Lines ... (12) 322 | 330

TOTAL CURRENT LIABILITIES ... 6,528 | 5,399

Working Capital ... (3,817) | (2,276)

FIXED ASSETS
Distribution System Less Provision for Depreciation ... (11) 35,814 | 31,390
Land ... 869 | 871
Buildings Less Provision for Depreciation ... 1,791 | 1,847
Plant and Equipment Less Provision for Depreciation ... 1,202 | 1,257
Motor Vehicles Less Provision for Depreciation ... 533 | 538

TOTAL FIXED ASSETS ... 40,209 | 35,903

TOTAL ASSETS LESS CURRENT LIABILITIES ... 36,392 | 33,627

LESS TERM LIABILITIES
Term Loan ... (9) 2,250 | 1,750
Provision for Replacement of Uneconomic Lines ... (12) - | 208
Deferred Taxation ... (4) 1,179 | 838

TOTAL TERM LIABILITIES ... 3,429 | 2,796

NET ASSETS ... 32,963 | 30,831

SHAREHOLDERS' FUNDS
Share Capital ... 1,486 | 1,486
Retained Earnings ... 1,223 | 1,004

TOTAL SHAREHOLDERS' FUNDS ... 2,709 | 2,490

CURRENT ASSETS
Cash ... 1,475 | 892
Accounts Receivable ... (7) 2,391 | 2,722
Inventories ... 220 | 287

TOTAL CURRENT ASSETS ... 4,086 | 3,901

CURRENT LIABILITIES
Accounts Payable ... (10) 2,269 | 2,040

TOTAL CURRENT LIABILITIES ... 2,269 | 2,040

Working Capital ... 1,817 | 1,861

FIXED ASSETS
Plant and Equipment Less Provision for Depreciation ... (11) 188 | 166
Motor Vehicles Less Provision for Depreciation ... 704 | 463

TOTAL FIXED ASSETS ... 892 | 629

TOTAL ASSETS LESS CURRENT LIABILITIES ... 2,709 | 2,490

NET ASSETS ... 2,709 | 2,490

Counties Power Limited

STATEMENT OF FINANCIAL PERFORMANCE - OTHER BUSINESS

For the Year Ended 31 March 1998

OPERATING REVENUE ... (2) 21,593 | 21,674

OPERATING SURPLUS BEFORE TAXATION ... 327 | 580
Taxation Expense ... (4) 108 | 191

NET PROFIT AFTER TAXATION ... 219 | 389

STATEMENT OF MOVEMENTS IN EQUITY - OTHER BUSINESS

For the Year Ended 31 March 1998

EQUITY AT BEGINNING OF YEAR ... 2,490 | 2,101

NET PROFIT FOR YEAR ... 219 | 389

EQUITY AT END OF YEAR ... 2,709 | 2,490

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

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

For the Year Ended 31 March 1998

1. STATEMENT OF ACCOUNTING POLICIES

These financial statements are presented in accordance with Regulation 6 of the Electricity (Information Disclosure) Regulations 1994.

The financial statements for the year ended 31 March 1997 include the dormant subsidiary as disclosed in Note 17. This subsidiary was liquidated during the current year and accordingly consolidated financial statements have not been prepared for the year ended 31 March 1998. As the subsidiary did not trade and had no assets or liabilities the figures for 31 March 1997 remain comparable.

GENERAL ACCOUNTING POLICIES

The general accounting policies recognised as appropriate for the measurement and reporting of results and the financial position based on historical cost, have been followed. Accrual accounting is used to match expenses and revenues.

Reliance is placed on the fact that the Company is a going concern.

PARTICULAR ACCOUNTING POLICIES

The following particular accounting policies which materially affect the measurement of financial performance and financial position are consistently applied: