New Zealand Gazette – 1998 – No. 168

Page 4009

✨ Financial Statements



5 OCTOBER NEW ZEALAND GAZETTE 4009

4.2 FUTURE INCOME TAX BENEFITS

Year Ended 31 March 1998
Network Generation Energy Trading
Operations Business and Other
$ $ $
Balance at Beginning of Year NIL NIL NIL
Future Income Tax Benefits Arising on Timing Differences (64,498) (133,184)

4.3 IMPUTATION CREDIT MEMORANDUM ACCOUNT

(Marlborough Electric Ltd, Total Company)

| | Year Ended | Year Ended |
| | 31 March 1998 | 31 March 1997 |
| | $ | $ |
| Balance at Beginning of Year | 5,058,727 | 3,551,871 |
| Imputation credits attached to dividends paid in the year | (773,284) | (701,866) |
| Imputation credits attached to dividends received | 246,269 | 211,791 |
| Income tax payments during the year | 1,726,465 | 2,003,259 |
| Balance at End of Year | 6,258,177 | 5,065,055 |

5. EARNINGS PER SHARE

Earnings per share is calculated by dividing the company's net surplus by the average number of shares on issue during the year.

| | Year Ended | Year Ended |
| | 31 March 1998 | 31 March 1997 |
| | $ | $ |
| Average number of shares on issue | 28,000,000 | 28,000,000 |
| Net surplus per share (total company activities) | 13.0 Cents | 13.22 cents |

6. SHARE CAPITAL

6.1

Marlborough Electric’s shares are held by the trustees to the Marlborough Electric Power Trust.

6.2 SHARE CAPITAL

| Issued and Paid up Capital | 28,000,000 ordinary shares |
| | |
| | As at |
| | 31 March 1998 | As at 31 March 1997 |
| Network Operator | 8,736,142 | 8,736,142 |
| Generation Business | 17,073,532 | 16,047,638 |
| Energy Trading and Other | 3,216,220 | 3,216,220 |
| Total Business | 29,025,894 | 28,000,000 |

For the 1998 financial year the balance of the share premium reserve has been incorporated into the balance of Generation share capital.

7. ACCOUNTS RECEIVABLE

As at 31 March 1998 As at 31 March 1997
Network Operations Generation Business Energy Trading and Other Network Operations
$ $ $ $
The balance of Accounts Receivable comprises:
Electricity and other trade debtors 1,064,370 128,588 1,386,020 549,936
Hire Purchase Debtors 78,911
Less Estimated Doubtful Debts (65,000)
Total 1,064,370 128,588 1,399,931 549,936

The majority of hire purchase contracts are written on an interest free basis. The fair value of hire purchase debtors is considered not materially different from their carrying value.



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✨ LLM interpretation of page content

🏭 Marlborough Electric Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
11 September 1998
Electricity, Financial Statements, Accounting Policies, GST, Income Tax, Depreciation, Marlborough Electric Limited