✨ Financial Statements




NEW ZEALAND GAZETTE

No. 129

POWERCO LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 1999

Notes 31 March 1999 Electricity Line $000 31 March 1998 Electricity Line $000
EQUITY
Share capital 2 80,778 80,778
Reserves 3
Asset Revaluation Reserves 4 75,296 75,492
Retained earnings 3,636 9,977
159,710 166,247

| NON CURRENT LIABILITIES | | | |
| Term advances facility | 5 | 7,458 | 19,497 |
| Commercial Paper | 6 | 28,760 | 86,325 |
| Current account | | 77,587 | (50,778) |
| Deferred taxation | | 14,618 | 16,264 |
| | | 128,423 | 71,308 |

| CURRENT LIABILITIES | | | |
| Overdraft | | 9,842 | 293 |
| Accounts payable | | 7,292 | 6,140 |
| Provision for dividend | | 13,200 | 6,186 |
| Provision for employee entitlements | | 2,570 | 1,653 |
| | | 32,905 | 14,272 |

| TOTAL EQUITY AND LIABILITIES | | $321,038 | $251,827 |

| NON CURRENT ASSETS | | | |
| Fixed assets | 7 | 300,260 | 219,168 |
| Goodwill on consolidation| | | 21,309 |
| | | 300,260 | 240,477 |

| CURRENT ASSETS | | | |
| Cash | | | |
| Receivables | | 18,142 | 9,903 |
| Tax receivable | | 1,505 | 434 |
| Inventories | | 1,131 | 1,013 |
| | | 20,778 | 11,350 |

| TOTAL ASSETS | | $321,038 | $251,827 |



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