New Zealand Gazette – 1998 – No. 193

Page 4549

✨ Financial Statements



30 NOVEMBER NEW ZEALAND GAZETTE 4549

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1998

16. RETAINED EARNINGS

1998 1997
$000 $000
Balance at the beginning of the year 102,038 74,976
Operating surplus (deficit) after tax (338,059) 92,896
Retained earnings available for appropriation (236,021) 167,872
Transfer from the asset revaluation reserve* 2,445 (888)
Dividends paid or payable (59,283) (64,946)
Balance at the end of the year (292,859) 102,038

Share of associate entity’s retained earnings

1998 1997
$000 $000
Balance at the beginning of the year (613) (498)
Share of post tax surplus (deficit) for the year 533 (115)
Balance at the end of the year (80) (613)
Total Retained Earnings at the end of the year (292,939) 101,425

*The revaluation increment/(decrement) in respect of fixed assets disposed of during the year is transferred from the asset revaluation reserve to retained earnings upon the assets’ disposal.

17. CAPITAL COMMITMENTS

Capital commitments in respect of contracts for capital expenditure:

1998 1997
$000 $000
Within one year 17,749 19,965
One to two years 1,600 4,615
Two to five years - 50
Total Capital Commitments 19,349 24,630

18. OPERATING LEASE COMMITMENTS

Commitments in respect of non-cancelable operating leases payable:

1998 1997
$000 $000
Within one year 1,639 1,842
One to two years 1,521 1,607
Two to five years 3,919 4,093
Later than five years 1,285 2,363
Total Operating Lease Commitments 8,364 9,905


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🏭 Transpower New Zealand Limited Notes to the Financial Statements (continued from previous page)

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Financial Statements, Retained Earnings, Capital Commitments, Operating Lease Commitments, Transpower