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New Zealand Gazette – 1998 – No. 159

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✨ Financial Statements Notes

NEW ZEALAND GAZETTE

No. 159

WESTPOWER LIMITED

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

NOTE 1. INCOME TAX

	Lines Business		Generation Business		Other Businesses
	1998	1997	1998	1997	1998	1997
	$'000	$'000	$'000	$'000	$'000	$'000

INCOME TAX EXPENSE

Net Surplus before Income Tax | 2,424 | 1,082 | 1,488 | 1,643 | (262) | 224
Taxation thereon at 33% | 800 | 357 | 491 | 542 | (87) | 74
Tax effect of permanent differences | (34) | 14 | 12 | (1) | 10 | (12)
Taxation adjustment previous year | (28) | 69 | (122) | (638) | 17 | 5
Timing differences not recognised | (429) | (622) | 143 | 100 | (19) | (5)

Income Tax attributable to Operating Surplus | 314 | (182) | 524 | 3 | (79) | 62

Comprising:
Current Tax Provision | 337 | (251) | 646 | 641 | (96) | 57
Over provision in prior year | (23) | 69 | (122) | (638) | 17 | 5
| 314 | (182) | 524 | 3 | (79) | 62

NOTE 2. FIXED ASSETS

Cost/Valuation

	Distribution System		Land		Buildings		Generation Plant & Equipment		Other
	1998	1997	1998	1997	1998	1997	1998	1997	1998	1997
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000

Distribution System | 36,598 | 34,749 | | | | | | | | |
Land | 132 | 129 | 0 | 0 | | | | | 53 | 53 |
Buildings | 1,032 | 994 | 2,994 | 2,986 | | | | | 1,018 | 1,018 |
Generation Plant & Equipment | 0 | 0 | 0 | 0 | 38,262 | 38,391 | | | 0 | 0 |
Other | 705 | 3,100 | 196 | 174 | 2,007 | 1,071 | | | | |

Total Cost/Valuation | 38,467 | 38,972 | 41,581| 41,422 | 3,078 | 2,142 |

Accumulated Depreciation

Distribution System | 65 | 33 | | | | | | | | |
Land | 0 | 0 | | | | | | | | |
Buildings | 124 | 115 | 63 | 62 | | | | | 141 | 132 |
Generation Plant & Equipment | 0 | 0 | 2,017 | 966 | | | | | 0 | 0 |
Other | 366 | 1,529 | 141 | 123 | 669 | 622 |

Total Accumulated Depreciation | 555 | 1,677 | 2,221 | 1,151 | 810 | 754 |

Net Book Value

Distribution System | 36,533 | 34,716 | | | | | | | | |
Land | 132 | 129 | 0 | 0 | | | | | 53 | 53 |
Buildings | 908 | 879 | 2,931 | 2,924 | | | | | 877 | 886 |
Generation Plant & Equipment | 0 | 0 | 36,374| 37,296 | | | | | 0 | 0 |
Other | 339 | 1,571 | 55 | 51 | 1,338 | 449 |

Total Net Book Value | 37,912 | 37,295 | 39,360| 40,271 | 2,268 | 1,388 |

NOTE 3. EQUITY

Share Capital (issued & fully paid)

25,000,000 ordinary shares | 17,431 | 17,431 | 4,832 | 4,832 | 2,737 | 2,737 |
300,000 7.25% Redeemable Preference Shares | 209 | 209 | 58 | 58 | 33 | 33 |

Capital Reserve | 22 | 22 | 8 | 8 | 71 | 71 |
Transition Reserve | 293 | 293 | 80 | 80 | 45 | 45 |
Asset Revaluation Reserve:

Generation | 0 | 0 | 20,091| 20,091 | | |
Distribution | 6,425 | 6,425 | | | | |
Others | 0 | 0 | 0 | 0 | 19 | 0 |
Asset Maintenance Reserve | 65 | 33 | 0 | 0 | 0 | 0 |
Disaster Fund Reserve | 0 | 0 | 155 | 85 | 0 | 0 |
Retained Earnings | 6,967 | 4,960 | 5,233 | 4,371 | (519) | (342) |

Total Equity | 31,412 | 29,373 | 30,457| 29,525 | 2,386 | 2,563

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VUW Te Waharoa — NZ Gazette 1998, No 159

NZLII — NZ Gazette 1998, No 159

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✨ LLM interpretation of page content

🏭 Certification of Financial Statements by Westpower Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated31 August 1998
KeywordsFinancial Statements, Certification, Audit, Electricity, Westpower Limited

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