✨ Financial Statements
16 SEPTEMBER
NEW ZEALAND GAZETTE
3531
TRUSTPOWER LIMITED AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 1998
(i) Acquisition of Subsidiaries in 1998
On 31 October 1997 TrustPower Limited acquired 100% of Kaimai Hydropower Limited and Tauranga Electricity Limited using cash and the issue of TrustPower Limited convertible notes as consideration. Kaimai Hydropower Limited holds the remaining 50% of the interest in TJGC, increasing the group’s ownership in the partnership to 100%. The entities owned and operated an electricity generation scheme and a reticulation network.
Effect of acquisition
| 1998 | |
|---|---|
| $'000 | |
| Consideration: | |
| Cash | 15,641 |
| Convertible notes | 35,491 |
| 51,132 |
Assets and liabilities acquired:
| 1998 | |
|---|---|
| Cash and short term deposits | 783 |
| Receivables and prepayments | 2,127 |
| Inventories | 156 |
| Fixed assets | 28,806 |
| Investment in TJGC | 9,989 |
| Investment in TJGC loans | 14,873 |
| Other investments | 2 |
| Deferred tax asset | 404 |
| Accounts payable and accruals | (2,608) |
| Term liabilities | (3,400) |
| Fair value of net assets acquired | 51,132 |
On 31 October 1997 the assets (excluding land and buildings) and operations of Tauranga Electricity Limited were transferred to TrustPower Limited. Also with effect 31 October 1997 the working capital and operations of Kaimai Hydropower Limited and TJGC were transferred to TrustPower Limited. The generation assets retained by TJGC are leased to TrustPower Limited.
(ii) Consolidation of Tauranga Joint Generation Committee
With the purchase of the remaining 50% of TJGC being effected as at 31 October 1997 by TrustPower Limited the operations of the partnership have been consolidated for the first time. The assets of TJGC at 31 October 1997 were as follows:
Effect of acquisition
| 1998 | |
|---|---|
| $'000 | |
| Cash and short term deposits | 1,406 |
| Receivables and prepayments | 1,223 |
| Fixed assets | 51,655 |
| Deferred tax asset | 148 |
| Accounts payable and accruals | (1,565) |
| Loans from partners | (29,873) |
| 22,994 |
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1998, No 146
NZLII —
NZ Gazette 1998, No 146
✨ LLM interpretation of page content
🏭
Notes to the Financial Statements for TrustPower Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Acquisition, Subsidiaries, TrustPower Limited, Kaimai Hydropower Limited, Tauranga Electricity Limited, TJGC