New Zealand Gazette – 1998 – No. 133

Page 3250

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 133

ELECTRICITY ASHBURTON LIMITED - LINES BUSINESS ACTIVITY

STATEMENT OF FINANCIAL PERFORMANCE

FOR THE YEAR ENDED 31 MARCH 1998

Notes 1998 $ 1997 $
REVENUE 1 11,389,813 10,739,534
OPERATING EXPENDITURE 2 6,597,542 6,755,435
DEPRECIATION 2,887,728 1,613,772
9,485,270 8,369,207
OPERATING SURPLUS before Rebate 1,904,543 2,370,327
Customer Rebates 9 783,612 1,085,343
OPERATING SURPLUS before Taxation 1,120,931 1,284,984
Taxation 3 566,047 732,231
OPERATING SURPLUS after Taxation $554,884 $552,753

STATEMENT OF MOVEMENTS IN EQUITY

FOR THE YEAR ENDED 31 MARCH 1998

1998 $ 1997 $
EQUITY AT THE START OF THE YEAR 2,694,808 2,142,055
Operating Surplus after Taxation 554,884 552,753
Total Recognised Revenue and Expenses for the Period 554,884 552,753
EQUITY AT THE END OF THE YEAR 3,249,692 2,694,808

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 1998

Notes 1998 $ 1997 $
EQUITY:
Authorised Capital:
31,000,000 shares of $1 31,000,000 31,000,000
Issued Capital:
24,200,000 shares of $1 fully paid
Deferred Shares 23,191,670 23,191,670
Rebate Shares 8 1,008,330 1,008,330
Share Premium Reserve 1,756,173 1,756,173
Revaluation Reserve 25,863,345 0
Retained Earnings 3,249,692 2,694,808
TOTAL SHAREHOLDERS' EQUITY $55,069,210 $28,650,981

| REPRESENTED BY: | | | |
| CURRENT ASSETS: | | | |
| Bank and Short Term Deposits | | (1,423,501) | (1,877,780) |
| Inventories | | 857,797 | 1,150,397 |
| Taxation Refund | | 0 | 25,618 |
| Accounts Receivable | 5 | 950,341 | 986,544 |
| Total Current Assets | | 384,637 | 484,779 |

| CURRENT LIABILITIES: | | | |
| Provision for Taxation | | 35,680 | 0 |
| Accounts Payable | 6 | 1,075,048 | 1,069,772 |
| Bank Loan | | 1,000,000 | 210,494 |
| Total Current Liabilities | | 2,110,728 | 1,280,266 |

| NET CURRENT ASSETS | | (1,726,091) | (795,487) |

| NON CURRENT ASSETS: | | | |
| Investments | | 0 | 0 |
| Fixed Assets | 4 | 63,994,837 | 30,909,209 |
| Total Non Current Assets | | 63,994,837 | 30,909,209 |

| NON CURRENT LIABILITIES: | | | |
| Deferred Taxation | | 7,199,536 | 1,462,741 |
| TOTAL NET ASSETS | | $55,069,210 | $28,650,981 |

For and on behalf of the Board

CHAIRMAN Colin Cross

DIRECTOR S. J. Cross

DATE 10 August 1998

The accompanying notes form part of these financial statements



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✨ LLM interpretation of page content

🏭 Customer Rebate and Post Balance Date Events (continued from previous page)

🏭 Trade, Customs & Industry
10 August 1998
Electricity Ashburton, Financial Performance, Financial Position, Equity Movements
  • Colin Cross, Chairman
  • S. J. Cross, Director