New Zealand Gazette – 1999 – No. 121

Page 2876

✨ Financial Statements Notes



2876

NEW ZEALAND GAZETTE

No. 121

NOTES TO THE FINANCIAL STATEMENTS

  1. STATEMENT OF ACCOUNTING POLICIES

Reporting entity

Orion New Zealand Limited ("the Company") is a company registered under the Companies Act 1993.

The Company is a reporting entity for the purposes of the Financial Reporting Act 1993.

Special purpose financial statements

These financial statements have been prepared for the purpose of complying with the requirements of the Electricity (Information Disclosure) Regulations 1999 ("Regulations").

Allocations of the costs, revenues, assets and liabilities of the Company have been made in accordance with the avoided cost principle as required by the Regulations.

This approach defines the line business as the Company's core business, and makes an assessment of the costs, revenues, assets and liabilities that would be avoided by the line business if all non-core businesses were to cease operation. The costs, revenues, assets and liabilities that would be avoided are allocated to those non-core businesses. Costs, revenues, assets and liabilities that would not be avoided are allocated to the line business.

As many disclosures are being made for the first time under the Regulations, no comparatives have been required. These have been marked with an asterisk in the appropriate place.

Amalgamations

On 31 March 1999 the following companies were amalgamated into the Company (formerly Southpower Limited):

  • Cogenerated Heat & Power Limited
  • Combined Heat & Power Systems Limited
  • East Power Limited
  • Enerco Limited
  • HSP NZ Limited
  • Orca Limited
  • Qest Investments Limited
  • Qest New Zealand Limited (formerly Enerco New Zealand Limited)
  • Qest Resources Development Limited
  • Qest Trustee Company Limited
  • Southpower Energy Purchases Limited
  • USL Holdings Limited

Measurement base

The accounting principles recognised as appropriate for the measurement and reporting of financial performance, cash flows and financial position on an historical cost basis are followed by the group, with the exception that certain fixed assets and investments have been revalued.

Specific accounting policies

The following specific accounting policies which materially affect the measurement of financial performance, cash flows and financial position are applied:

(a) Line services sales

Sales recognise actual amounts billed during the financial year, together with an adjustment for the value of unread meters at the beginning of the financial year.



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1999, No 121


NZLII — PDF NZ Gazette 1999, No 121




✨ LLM interpretation of page content

🏭 Statement of Cash Flows for Orion New Zealand Limited (continued from previous page)

🏭 Trade, Customs & Industry
Cash Flow, Financing Activities, Dividends, Bank Investments, Orion New Zealand Limited

🏭 Notes to the Financial Statements of Orion New Zealand Limited

🏭 Trade, Customs & Industry
Accounting Policies, Reporting Entity, Special Purpose Financial Statements, Amalgamations, Measurement Base