New Zealand Gazette – 1998 – No. 133

Page 3253

✨ Financial Statements Notes

4 SEPTEMBER NEW ZEALAND GAZETTE 3253

Note 6 Accounts Payable

	1998	1997
	$	$
Trade Creditors	701,224	758,193
Employee Provisions	373,824	311,579
	$1,075,048	$1,069,772

Note 7 Financial Commitments

Estimated capital expenditure
contracted for at balance but
not provided for $206,714 $438,529

Note 8 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 6.2 to 6.12 of the Company’s Constitution.

Note 9 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 10 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.

(ii) On 11 July Electricity Ashburton announced that effective from 1 August 1998 the company’s Appliance Trading and Servicing activities will be sold. The financial effect of this event has not been recognised in the financial statements.

Apart from this transaction there are no events subsequent to balance date which have an effect on Electricity Ashburton’s operations or financial statements.

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VUW Te Waharoa — NZ Gazette 1998, No 133

NZLII — NZ Gazette 1998, No 133

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✨ LLM interpretation of page content

🏭 Line Business Activity Financial Statements for 1997 (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Revenue, Operating Expenditure, Taxation, Line Services, Transmission

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