✨ Financial Statements
3138 NEW ZEALAND GAZETTE No. 130
Notes to and Forming Part of the Financial Statements
For the Year Ended 31 March 1999
2 SHARE CAPITAL
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 |
Opening issued and paid up capital as at 31 March 1998 | $17,219 | 17,219 |
Closing issued and paid up capital as at 31 March 1999 | $17,219 | $17,219 |
Total number of ordinary shares issued as of 31 March 1999 amounted to 52,123,989.
3 RESERVES
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 |
Balance as at 31 March 1998
Transfer to share capital
Balance as at 31 March 1999
4 ASSET REVALUATION RESERVE
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 |
Balance as at 31 March 1998 | | 9,262 |
Balance as at 31 March 1998 | 9,262 | 10,014|
Adjustment arising from business divestments | 1,056 | (752) |
Balance as at 31 March 1999 | $10,318| 9,262 |
5 WORKING CAPITAL ADVANCES FACILITY
The company has established a Wholesale Working Capital Advances Facility with the BNZ Bank of up to $15 million dollars. At 31 March 1999 the amount drawn down from this facility amounted to $8.3 million. Interest is charged to the company according to the daily wholesale lending rate. The facility is based on a revolving credit and as such does not have set repayment dates.
6 COMMERCIAL PAPER FACILITY
The company established a commercial paper facility in December 1997 with ANZ Investment Bank, Bank of New Zealand and WestpacTrust. This is a 90 day rolling facility with a maximum amount of $200 million.
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VUW Te Waharoa —
NZ Gazette 1999, No 130
NZLII —
NZ Gazette 1999, No 130
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Certification of Financial Statements and Performance Measures for Powerco Limited
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