New Zealand Gazette – 1998 – No. 152

Page 3676

✨ Financial Statements



3676 NEW ZEALAND GAZETTE No. 152

Notes to and Forming Part of the Financial Statements

For the Year Ended 31 March 1998

2 SHARE CAPITAL

1998 $000 1997 $000
Issued capital 122,076 96,569
less uncalled capital — 56

Opening issued and paid up capital as at 31 March 1997 | $122,076 | $96,513 |

| Calls on capital | — | 56 |

Closing issued and paid up capital as at 31 March 1998 | $122,076 | $96,569 |

Total number of ordinary shares issued as of 31 March 1998 amounted to 52,123,989.

3 RESERVES

1998 $000 1997 $000
Balance as at 31 March 1997 25,506 25,506
Transfer to share capital (25,506) —

Balance as at 31 March 1998 | — | $25,506 |

4 ASSET REVALUATION RESERVE

1998 $000 1997 $000
Balance as at 31 March 1997 68,410
Network asset revaluation 25,331 84,533
less Deferred taxation on asset revaluation (16,123)

Balance as at 31 March 1998 | $93,741 | $68,410 |

5 WORKING CAPITAL ADVANCES FACILITY

The company has established a Wholesale Working Capital Advances Facility with the BNZ Bank of up to $15 million dollars. At 31 March 1998 the amount drawn down from this facility amounted to $4.3 million. Interest is charged to the company according to the daily wholesale lending rate. The facility is based on a revolving credit and as such does not have set repayment dates.

6 COMMERCIAL PAPER FACILITY

The company established a commercial paper facility in December 1997 with ANZ Investment Bank, Bank of New Zealand and WestpacTrust. This is a 90 day rolling facility with a maximum amount of $200 million. At year end $97,868,870 had been drawn down.



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🏭 Powerco Limited Gas Information Disclosure (continued from previous page)

🏭 Trade, Customs & Industry
20 August 1998
Gas, Information Disclosure, Regulations, Powerco Limited, Financial Statements, Certification