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New Zealand Gazette – 1999 – No. 145

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✨ Financial Statements Notes

8 OCTOBER NEW ZEALAND GAZETTE 3481

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1999

14. CHANGES IN BUSINESS AND SUBSEQUENT EVENTS

(a) Changes in Business

On 8 July 1998 the Electricity Industry Reform Act was passed by Parliament. This enactment requires separation of ownership of King Country Energy Limited’s electricity supply and distribution businesses. To meet the requirements of the Act the following restructuring of the Company’s activities occurred in the year ended 31 March 1999:

Two subsidiaries, KCE Retail Limited and KCE Generation Limited, were created. King Country Energy Limited’s electricity retail assets, electricity hedges and customer base were transferred to KCE Retail Limited. Fixed assets were transferred to the subsidiaries at book value.
The above transaction was a non-cash transaction.

(b) Subsequent Events

Subsequent to 31 March 1999, the following events occurred:

On 1 April King Country Energy Limited sold its lines business to Waitomo Energy Services Limited for $24.0 million. Accordingly, the revenue and expenditure from the lines business is shown in the Statement of Financial Performance as discontinued activities.

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VUW Te Waharoa — NZ Gazette 1999, No 145

NZLII — NZ Gazette 1999, No 145

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for King Country Energy Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Changes in Business, Subsequent Events, Electricity Industry Reform Act, Restructuring

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