New Zealand Gazette – 1999 – No. 115

Page 2760

✨ Financial Statements and Commitments



2760 NEW ZEALAND GAZETTE No. 115

7.0 FIXED ASSETS

Cost Price Accumulated Depreciation Book Value
System Fixed Assets 61,546,084 26,875,756 34,670,328
Centralised Load Control Equipment 4,384,063 2,565,115 1,818,948
Customer Billing and Information System Assets 10,844 8,659 2,185
Motor Vehicles 134,871 62,738 72,133
Office Equipment 1,272,642 877,753 394,889
Land and Buildings 2,553,419 399,159 2,154,260
Plant & Equipment 313,366 202,850 110,516
$70,215,289 $30,992,030 $39,223,259

Directors consider book value to be an indication of the fair value of Land and Buildings.

8.0 ACCOUNTS PAYABLE AND ACCRUALS
Accounts Payment 1,747,077
Accrued Payroll 154,458
Other Accruals 561,084
$2,462,619

9.0 COMMITMENTS

Capital Commitments

Easement Agreements

PowerNet Limited has signed easement agreements for the purpose of constructing a line on private property. Compensation values have been agreed with the terms of payment being 50% payment on the signing of the agreement and the remaining 50% payable upon registration of easement on land title. The commitment outstanding at 31 March 1999 is $21,951.

Operating Lease Commitments are as follows:

31 March 1999 ($000) 31 March 1998 ($000)
Less than one year 59 53
Greater than one year and not later than two years 39 36
Later than two years and no later than five years 58 69
Later than five years - -

10.0 CONTINGENT LIABILITIES

PowerNet Limited has a contingent liability of $250,000 in respect of potential liabilities arising from use of system agreements.

PowerNet Limited also has a number of contingent liabilities in respect of guarantees given to contractors. The maximum exposure ranges from $20,000 to $164,000 totalling $1,338,000. The majority of these guarantees have been released with the remaining few in the process of being released. There is, however, a period of two years following the date of release for...



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✨ LLM interpretation of page content

💰 Financial Performance Statement for The Power Company Limited (continued from previous page)

💰 Finance & Revenue
Financial Statement, Fixed Assets, Depreciation, Book Value, Land and Buildings

💰 Accounts Payable and Accruals Statement

💰 Finance & Revenue
Accounts Payable, Accrued Payroll, Other Accruals

💰 Capital Commitments and Easement Agreements

💰 Finance & Revenue
Easement Agreements, Compensation, Operating Lease Commitments

💰 Contingent Liabilities Statement

💰 Finance & Revenue
Contingent Liabilities, System Agreements, Contractor Guarantees