3724 NEW ZEALAND GAZETTE No. 156

BAY OF PLENTY ELECTRICITY LIMITED

Special Purpose Financial Statements

Electricity (Information Disclosure) Regulations 1994

Notes to the Financial Statements

for the 12 Months ended 31 March 1998

11 Retained Earnings

Movements in Retained Earnings

Balance of Retained Earnings 1 April | 193 | 963 | 1,117 | 2,653 | (733) | (716)
Surplus after Taxation | 3,249 | 2,144 | 3,559 | 4,599 | 483 | 330
Foreign Investor Tax Credit | - | 154 | - | 324 | - | 18
Supplementary Dividend | (154) | - | (324) | - | (18) | -
Less Dividend paid and payable | (2,238) | (2,914) | (2,451) | (6,135) | (271) | (347)
Gain to Group on sale of associate | - | - | - | - | (38) | -
| 1,204 | 193 | 2,225 | 1,117 | (559) | (733)

Share of Associate Retained Earnings

Opening Retained Earnings | - | - | - | - | 51 | 124
Share of Surplus before Taxation | - | - | - | - | (87) | 42
Income Tax Expense | - | - | - | - | (2) | (14)
Dividends Received | - | - | - | - | - | (101)
Gain to Group on sale of associate | - | - | - | - | 38 | -
| - | - | - | - | 51 | -

Balance as at 31 March | 1,204 | 193 | 2,225 | 1,117 | (559) | (682)

12 Term Loans

Term loans fall due for repayment in the following periods:

Within one year | 2,000 | 5,500 | 5,500 | 11,000 | 1,000 | 1,000
Within one to two years | 1,000 | 1,000 | 3,000 | 1,000 | - | -
Within two to three years | 3,500 | 1,000 | 11,000 | - | - | -
Within three to four years | 2,000 | 1,000 | 2,000 | 6,000 | - | -
Within four to five years | 2,000 | - | 11,000 | - | - | -
Balance as at 31 March | 10,500 | 8,500 | 32,500 | 18,000 | 1,000 | 1,000

Disclosed in Balance Sheet as:
Current Portion of Term Loans | 2,000 | 5,500 | 5,500 | 11,000 | 1,000 | 1,000
Term Loans | 8,500 | 3,000 | 27,000 | 7,000 | - | -
Balance as at 31 March | 10,500 | 8,500 | 32,500 | 18,000 | 1,000 | 1,000

All term loans are unsecured and are subject to negative pledge undertakings. The weighted average interest rate on term loans is 7.9% (1997 8.9%). The Company has $50 million rolling loan facilities until 31 March 2002.

13 Accounts Payable and Accruals

Accounts Payable and Accruals comprise:

Trade Creditors | 2,292 | 1,827 | 1,618 | 1,648 | 2,018 | 2,563
Employee Entitlements | 215 | 288 | 78 | 104 | 61 | 82
BOPE Trustee Limited | - | 112 | - | 24 | - | 24
Balance as at 31 March | 2,507 | 2,227 | 1,696 | 1,776 | 2,079 | 2,669