New Zealand Gazette – 1998 – No. 123

Page 2969

✨ Financial Statements



KING COUNTRY ENERGY LIMITED AND SUBSIDIARY

NOTES TO THE ANNUAL FINANCIAL STATEMENTS PREPARED IN ACCORDANCE

WITH THE ELECTRICITY INFORMATION DISCLOSURE REGULATIONS 1994

FOR THE YEAR ENDED 31 MARCH 1998

Note Lines Business 1997/1998 Energy Business 1997/1998 Generation Business 1997/1998 Lines Business 1996/1997 Energy Business 1996/1997 Lines Business 1995/1996 Energy Business 1995/1996
Furniture, Plant and Equipment
-Cost 1,434,784 265,997 24,655 1,350,905 259,149 1,276,068 174,167
-Less Accumulated Depreciation (915,216) (175,118) (7,692) (799,333) (155,219) (730,436) (93,254)
-Book Value 519,568 90,879 16,963 551,572 103,930 545,632 80,913

| Total Fixed Assets | 11,026,240 | 181,450 | 22,915,093 | 10,825,373 | 1,897,791 | 10,641,806 | 1,501,931 |

Total Government Valuations

dated 1995-1996 of
-Land 254,500 15,000 232,000 272,500 17,000 295,400 17,000
-Buildings 701,000 75,000 - 730,000 75,000 713,600 74,800
-Generation - - 12,739,000 - 4,243,000 - 4,418,000

GOVERNMENT VALUATIONS

Land and buildings at the Kuratau Power Station were valued by Valuation New Zealand as at 1 October 1992 at $4,300,000. This was considerably higher than the previous calculation of $332,000 as at 1 July 1989 and was due to Valuation New Zealand adopting the same method for valuation as they have used for Electricity Corporation power stations. The method has been appealed in the High Court by Electricity Corporation and King Country Energy Limited has appealed the valuation of $4,300,000 to Valuation New Zealand.

For this reason the 1 July 1989 valuation of Kuratau Power Station has been shown in the accounts. Valuation New Zealand have confirmed that the Government Valuation of all land and buildings except the Kuratau Power Station are appropriate for financial reporting purposes. They cannot confirm this for the Power Station until after the outcome of Appeals to the High Court.

The Directors have considered all the circumstances and have used the Valuation which they consider would be most appropriate for consistency purposes in the accounts pending resolution of the outcome of Court decisions.

NEW ZEALAND GAZETTE

25 AUGUST

2969



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