New Zealand Gazette – 1998 – No. 139

Page 3370

✨ Financial Statements



3370 NEW ZEALAND GAZETTE No. 139

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (Continued)

Line Business Energy Business
1998 $ 1997 $ 1998 $ 1997 $
5. Dividends:
Dividends - Paid - 1,395,300 - 647,200
- Proposed - 2,027,700 - 929,900
3,423,000 1,577,000
6. Fixed Assets:
Distribution System - Cost 69,190,720 65,900,764 5,562,554 5,547,569
Less Accumulated Depreciation (32,246,920) (29,047,170) (974,750) (695,532)
36,943,800 36,853,594 4,587,804 4,852,037
Buildings - At Valuation 7,387,354 7,380,302 266,700 366,855
- At Cost - - (5,334) -
Less Accumulated Depreciation (148,554) - 261,366 366,855
7,238,800 7,380,302
Plant and Equipment - Cost 4,943,924 3,755,505 318,855 414,181
Less Accumulated Depreciation (2,094,964) (1,395,963) (188,261) (264,078)
2,848,960 2,359,542 130,594 150,103
Motor Vehicles - Cost 3,418,237 3,087,774 183,825 125,734
Less Accumulated Depreciation (1,967,379) (1,802,268) (76,646) (77,942)
1,450,858 1,285,506 107,179 47,792
Land - At Valuation 1,346,904 1,002,650 60,060 175,060
49,829,322 48,881,594 5,147,003 5,591,847
- Revalued Land and Buildings are stated at net current values as at 31 March 1997, as determined by Coutts Milburn Ltd, Registered Valuers of Whangarei.
7. Share Capital:-
Authorised, issued and paid up capital, 40,849,998 ordinary shares of $1 each, 31 March 1997 32,600,000 32,600,000 8,249,998 8,249,998
Authorised and issued during the year - - - -
Total Issued and Paid Up Capital 32,600,000 32,600,000 8,249,998 8,249,998
8. Asset Revaluation Reserve:
Opening Balance 5,533,113 4,230,070 - -
Transfer to Retained Earnings (282,889) (133,623) - -
Revaluation 31 March 1997 - 1,436,666 - -
Balance 31 March 1998 5,250,224 5,533,113
9. Retained Earnings:
Balance as at 31 March 1997 13,611,092 12,865,818 831,931 549,454
Operating Surplus 152,452 4,034,651 1,022,797 1,859,477
Transfer from Asset Revaluation 282,889 133,623 - -
Total Available for Appropriation 14,046,433 17,034,092 1,854,728 2,408,931
Dividends - (3,423,000) - (1,577,000)
Balance 31 March 1998 14,046,433 13,611,092 1,854,728 831,931
10. Investment in Subsidiaries
Shares in Subsidiaries (unlisted) 37,548 10
Advances to Subsidiaries 1,507,289 1,557,949
1,544,837 1,557,959


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🏭 Certification of Financial Statements for Northpower Ltd (continued from previous page)

🏭 Trade, Customs & Industry
20 August 1998
Electricity, Information Disclosure, Financial Statements, Northpower Ltd