✨ Financial Statements Notes
KING COUNTRY ENERGY LIMITED AND SUBSIDIARY
NOTES TO THE ANNUAL FINANCIAL STATEMENTS PREPARED IN ACCORDANCE
THE ELECTRICITY INFORMATION DISCLOSURE REGULATIONS 1994
AS AT 31 MARCH 1998
- SUMMARY OF INTEREST IN JOINT VENTURE
The subsidiary company is the participant in the unincorporated joint venture, Mangahao Joint Venture, for the generation of electricity at an established hydro electric power station. The subsidiary company has a 40% interest in this joint venture. The interest was acquired on the 23rd December 1997.
The Group's share of operating revenues and expenses proportionately consolidated is:
| $ | |
|---|---|
| Revenue | 159 |
| Expenses | (155,721) |
The group's share of assets and liabilities proportionately consolidated is:
| $ | |
|---|---|
| Current assets | 87,100 |
| Fixed assets | 21,401,156 |
| Current liabilities | (23,953) |
| Net assets contributed by joint venture | 21,464,303 |
- INVESTMENT IN SUBSIDIARY
The parent company incorporated a wholly owned subsidiary company, KCE Mangahao Limited, on the 3rd December 1997.
This company commenced operations on the 23rd December 1997 when it purchased the Mangahao power station in conjunction with Todd Mangahao Limited. These two organisations have established an unincorporated joint venture in which KCE Mangahao Limited has a contributory and participating interest of 40%.
The subsidiary company has a 31st March 1998 balance date.
- SUBSEQUENT EVENT
On the 21st May 1998 the Minister of Energy presented a Bill on planned changes to the regulation of the electricity industry. This legislation will have the lines and energy retailing businesses being conducted under separate entities with no common ownership or management. These proposals, if implemented will impact on the companies. These financial statements do not reflect any possible impacts if such legislation was to be implemented, and directors are unable to reliably quantify the impact of the possible changes.
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VUW Te Waharoa —
NZ Gazette 1998, No 123
NZLII —
NZ Gazette 1998, No 123
✨ LLM interpretation of page content
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King Country Energy Limited Financial Performance
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🏭 Trade, Customs & IndustryFinancial Statements, Joint Venture, Subsidiary, Revenue, Expenses, Assets, Liabilities, Mangahao Joint Venture, KCE Mangahao Limited, Todd Mangahao Limited, Legislation Impact