New Zealand Gazette – 1998 – No. 133

Page 3248

✨ Financial Statements and Notes



3248 NEW ZEALAND GAZETTE No. 133

Note 6 Accounts Payable

1998 $
Trade Creditors 3,104,535
Accruals 13,095
Employee Provisions 286,696
$3,404,326
1997 $
Trade Creditors 1,838,117
Accruals 57,717
Employee Provisions 264,809
$2,160,643

Note 7 Financial Commitments

Estimated capital expenditure contracted for at balance but not provided for

Nil

Note 8 Contingent Liabilities

With the establishment of the new wholesale electricity market operation on 1 October 1996, the prudential requirements of the market necessitated in the Company providing a third party guarantee to Electricity Market Company Limited (EMCO) based on the average monthly amount of electricity purchased during the different seasons. As at 25 September 1997 a standby letter of credit was provided by Westpac Banking Corporation amounting to $2,557,725. The Company has provided full indemnity to Westpac Banking Corporation in relation to the standby letter of credit (1997 $1,157,725).

Note 9 Deferred Shares

These shares are owned by the Ashburton District Council and have no rights as to:

a) Any distribution of dividends or rebates or

b) Exercise any vote except as provided in clause 14.2 of the Company’s Constitution.

c) Any distribution on a winding up of Company.

d) Any rights on amalgamation of the Company except as expressly provided in clauses 6.2 to 6.12 of the Company’s Constitution.

Note 10 Customer Rebate

Calculations for the rebate paid to each customer were based on the individual customer group’s contribution to the operating surplus and allocated according to the value of their electricity purchases for the financial year.

Note 11 Post Balance Date Events

(i) The Minister of Energy has announced the Government’s intention to reform the Electricity Sector. The reforms include the separation of electricity generation and retail activities from distribution network activities.

Should the proposed reforms be realised, this will have a significant effect on Electricity Ashburton’s business activities.



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1998, No 133


NZLII — PDF NZ Gazette 1998, No 133




✨ LLM interpretation of page content

🏭 Electricity Information Disclosure for Ashburton Limited (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Audit, Ashburton Limited, Accounting Policies

🏭 Accounts Payable and Financial Commitments

🏭 Trade, Customs & Industry
Accounts Payable, Financial Commitments, Trade Creditors, Accruals, Employee Provisions

🏭 Contingent Liabilities and Deferred Shares

🏭 Trade, Customs & Industry
Contingent Liabilities, Deferred Shares, Standby Letter of Credit, Westpac Banking Corporation, Ashburton District Council

🏭 Customer Rebate and Post Balance Date Events

🏭 Trade, Customs & Industry
Customer Rebate, Post Balance Date Events, Electricity Sector Reform, Operating Surplus, Minister of Energy