✨ Financial Statements
16 SEPTEMBER NEW ZEALAND GAZETTE 3555
TASMAN ENERGY LIMITED
LINE & OTHER BUSINESSES FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
| Line Business | Other Business | |||
|---|---|---|---|---|
| 1998 | 1997 | 1998 | 1997 | |
| $000 | $000 | $000 | $000 |
11. DEFERRED TAXATION
Opening Balance 0 (1,061) 0 (298)
Under (over) provision in prior years (210) (169)
Deferred tax on timing differences 437 (42)
Reinstate deferred tax 1,061 1,061 298 298
1,288 0 87 0
12. TERM LIABILITIES
Reserve Bank loans (interest rates 9.5% to 16.75%) 52 2,076 156 156
Other 156 156
52 2,076 156 156
Less current portion 52 2,024 156 78
0 52 0 78
Repayable as follows:
1 to 2 years 0 52 0 78
A provision to reflect the difference between the actual and current market interest rates is included in the creditors and accruals and is being reversed as loans mature. Directors acknowledge this does not conform to current Generally Accepted Accounting Practice. Directors believe the treatment is appropriate given the statutory obligation to "value" the undertaking to ensure that the book value of assets and liabilities used for statutory vesting from Tasman Electric Power Board were realistic using current commercial acquisition practice. The reversal will be completed in May 1998.
13. COMMITMENTS AND CONTINGENT LIABILITIES
As at 31 March 1998 the group had no material commitments or contingent liabilities that are not included in these Financial statements.
14. COMMITMENTS AND CONTINGENT LIABILITIES
As at 31 March 1998 the billing and customer services functions of Tasman Energy Limited were transferred to Javelin Limited, a joint venture company formed by Tasman Energy Limited and Horowhenua Energy Limited to manage the outsourcing of these functions. Tasman Energy Limited has a commitment to purchase 50% of the shares in Javelin Limited as at 31 March 1998. As at 31 March 1998 the group has no material contingent liabilities that are not included in these financial statements.
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VUW Te Waharoa —
NZ Gazette 1998, No 147
NZLII —
NZ Gazette 1998, No 147
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Tasman Energy Limited Financial Statements
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🏭 Trade, Customs & Industry11 August 1998
Financial Statements, Deferred Taxation, Term Liabilities, Commitments, Contingent Liabilities, Billing, Customer Services, Javelin Limited