New Zealand Gazette – 1998 – No. 168

Page 4010

✨ Marlborough Electric Limited Financial Statements

NEW ZEALAND GAZETTE

No. 168

8. INVENTORIES

	As at 31 March 1998		As at 31 March 1997
	Network Operations	Generation Business	Energy Trading and Other
	$	$	$
Reticulation stock	1,269,812	—	32,606
Work in Progress	114,141	71,810	87,273
Retail trading Stock	—	—	—
Total	1,383,953	71,810	119,879

Some inventories are subject to retention of title clauses.

9. CREDITORS AND ACCRUALS

	As at 31 March 1998		As at 31 March 1997
	Network Operations	Generation Business	Energy Trading and Other
	$	$	$
Trade Creditors and Accruals	1,634,162	88,746	1,289,884
Employee Entitlements	176,212	—	256,316
Customer deposits	—	—	146,655
Total	1,810,374	88,746	1,692,855

In current liabilities the balance of creditors and accruals comprises:

9.1 Employee entitlements in non current liabilities recognises the Company’s liability for retirement gratuities.

10. TERM LOANS

	As at 31 March 1998		As at 31 March 1997
	Network Operations	Generation Business	Energy Trading and Other
	$	$	$
Bank Term Debt Facility	2,375,000	—	—

No security has been issued in respect of Marlborough Electric’s term loans. Interest rate linked to the 90 Day Bank Bill Rate (National Bank buy rate). The effective rate at 31 March 1998 was 9.22% (1997 7.99%)

11. DIVIDEND PAYMENTS

As at 31 March 1997 provision for dividend totalled $1,570,000. When the dividend was paid to the company’s shareholders in July 1997 cashflow requirements dictated that the payment be sourced as follows:

	$
Network Operator	172,993
Generation Business	697,459
Energy Trading and Other	699,548
Total	1,570,000

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VUW Te Waharoa — NZ Gazette 1998, No 168

NZLII — NZ Gazette 1998, No 168

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
Dated11 September 1998
KeywordsElectricity, Financial Statements, Accounting Policies, GST, Income Tax, Depreciation, Marlborough Electric Limited

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