New Zealand Gazette – 1999 – No. 125

Page 3001

✨ Financial Statements Notes



17 SEPTEMBER NEW ZEALAND GAZETTE 3001

2.5 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
For the year ended 31 March 1999

  • Goodwill
    Goodwill on acquisition of businesses is amortised on a straight-line basis over the period of expected benefit or 20 years, whichever is the lesser.

  • Identifiable Intangibles
    Identifiable intangibles arising from acquisition of reticulation assets is amortised on a straight-line basis over the period of expected benefit which has been assessed as 40 years.

  • Accounts Receivable
    Accounts Receivable are stated at their estimated net realisable value.

  • Inventory
    Inventory is stated at the lower of cost and net realisable value. In arriving at net realisable value an allowance is made for deterioration and obsolescence.

  • Distributions from Power New Zealand Shareholders Society Inc (PNZSS)
    Distributions received from PNZSS are treated as a distribution from a trust, being a return of dividends previously paid to the trust, of which the company is the beneficiary. Under the avoidable cost allocation methodology these distributions have been identified as dividends and classified as "other", which differs from earlier disclosures.

  • Changes in Accounting Policies
    All policies have been applied on bases consistent with those used in the previous year with the exception of deferred taxation, which is now recognised on the comprehensive basis.

The effect of this change in accounting policy is to decrease net profit for the year by $15.8 million. Of this $4.5 million relates to the current year and $11.3 million relates to prior years.

  1. Revenue
    Line / access charges:
    i) invoiced to retailers 62,284
    ii) invoiced directly to consumers 155,051
    'OTHER' business for services carried out by UNL -
    Interest received 402 138
    AC loss-rental rebates 7,134
    Electricity hedges -
    Other revenue 7,210



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✨ LLM interpretation of page content

💰 Notes to Financial Statements for the year ended 31 March 1999 (continued from previous page)

💰 Finance & Revenue
Financial Statements, Accounting Policies, Goodwill, Intangibles, Accounts Receivable, Inventory, Distributions, PNZSS, Revenue, Line Charges, Interest, Rebates