New Zealand Gazette – 1998 – No. 160

Page 3838

✨ Financial Statements Notes

Mercury Energy Limited and Subsidiaries

Notes to and forming part of the financial statements for the year ended 31 March 1998

1. STATEMENT OF ACCOUNTING POLICIES

Reporting Entity

Mercury Energy Limited is a public company registered under the Companies Act 1993.
The group consists of Mercury Energy Limited and its subsidiaries.
The financial statements are prepared pursuant to Regulation 6 of the Electricity (Information Disclosure) Regulations 1994.
The methodology for the allocation of revenues, costs, assets and liabilities between Line, Electricity Retailing, Generation and Other activities is publicly disclosed in accordance with Regulation 19 of the Regulations.

Generally Accepted Accounting Principles

There is no GAAP for activity reporting.

Measurement Base

The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on an historical cost basis are followed by the group, except for the revaluation of the distribution system.

The activity reporting has been prepared on the basis of a notional 50:50 debt equity ratio in the Line Business.

All costs have been allocated in accordance with either the guidelines issued, or as disclosed by the group.

Specific Accounting Policies

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

a) Basis of Consolidation - Purchase method

The consolidated financial statements include the holding company and its subsidiaries, accounted for using the purchase method. All significant inter-company transactions are eliminated on consolidation.

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VUW Te Waharoa — NZ Gazette 1998, No 160

NZLII — NZ Gazette 1998, No 160

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✨ LLM interpretation of page content

🏭 Mercury Energy Limited Financial Performance Statement (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Performance, Electricity, Mercury Energy Limited, Regulations

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