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New Zealand Gazette – 1998 – No. 151

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✨ Powerco Limited Financial Statements Notes

3650 NEW ZEALAND GAZETTE No. 151

POWERCO LIMITED

Notes to the Financial Statements

for the year ended 31 March 1998

1. Statement of Accounting Polices

Reporting Entity

Powerco Limited is a company registered under the Companies Act 1993. The group consists of Powerco Limited, its subsidiaries and its associate.

In accordance with the requirements of the Ministry of Commerce, the Financial Statements for the year ended 31 March 1998 include the trading activities of Egmont Electricity Limited for the full year, including pre acquisition activities from 1 April 1997 to 31 August 1997.

The following activities are the principal activities undertaken by Powerco Limited throughout the financial year:

Distribution and retailing of electricity and value added services.
Distribution and retailing of gas and value added services.
Hydro electricity generation.

These financial statements have been prepared to comply with the provisions of Section 44 of the Energy Companies Act 1992, the Companies Act 1993, the Financial Reporting Act 1993.

Measurement Basis

The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed by the Group, with the exception that certain fixed assets have been revalued.

Specific Accounting Polices

The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:

a) Basis of Consolidation

The consolidated financial statements include those of Powerco Limited and its wholly owned subsidiary, Egmont Electricity Limited. All significant inter-company transactions and balances are eliminated on consolidation. In the parent company financial statements investments in subsidiaries are stated at cost.

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VUW Te Waharoa — NZ Gazette 1998, No 151

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✨ LLM interpretation of page content

🏭 Powerco Limited Financial Statements Certification (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated11 May 1998
KeywordsPowerco Limited, Financial Statements, Electricity, Information Disclosure, Certification

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