✨ Financial Statements
3422 NEW ZEALAND GAZETTE No. 143
NETWORK TASMAN LIMITED
LINE BUSINESS FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
6. DIVIDENDS
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 |
Distributions during the year
Interim dividend paid | 150 | 100 |
Final dividend provided for | 100 | 100 |
| 250 | 200 |
7. SHARE CAPITAL
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 |
Authorised and Issued Capital | 14,280 | 14,280 |
8. RESERVES
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 |
Asset Revaluation Reserve | 47,901 | 49,749 |
Share Premium Reserve | 1,938 | 1,938 |
| 49,839 | 51,687 |
The electricity distribution system assets have been revalued as at 31 March 1997 to a carrying value which equates to 80% of Optimised Deprival Value (ODV). The 31 March 1997 ODV valuation and a carrying value opinion were prepared by Catherall Taylor Associates. The valuation report is dated 23 April 1997. The valuation was undertaken in accordance with the methodology detailed in Handbook for Optimised Deprival Valuation of Electricity Lines Businesses authorised by the Ministry of Commerce (Energy Policy Group) dated 23 June 1994.
The share premium reserve was created on 1/5/93, recognising the difference between the share capital issued and the closing value of corporate ownership of the Tasman Electric Power Board at 30/4/93.
9. ACCOUNTS RECEIVABLE
| 1999 | 1998 | |
|---|---|---|
| $000 | $000 |
Trade debtors | 2,711 | 3,164 |
Less doubtful debts | 0 | 43 |
| 2,711 | 3,121 |
Hire purchase debtors | 1 | 0 |
Prepayments | 103 | 58 |
Tax refund / (due) | (1,564)| (113) |
| 1,251 | 3,066 |
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VUW Te Waharoa —
NZ Gazette 1999, No 143
NZLII —
NZ Gazette 1999, No 143
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Network Tasman Limited Line Business Financial Statements for 1999
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