New Zealand Gazette – 1999 – No. 149

Page 3547

✨ Counties Power Limited Financial Statements



13 OCTOBER

NEW ZEALAND GAZETTE

3547

Counties Power Limited – Line Business

STATEMENT OF FINANCIAL PERFORMANCE

For the Year ended 31 March 1999

Notes 31 March 1999 $000 31 March 1998 $000
OPERATING REVENUE (2) 22,233 22,760
OPERATING EXPENSES (3) 16,160 19,232
EARNINGS BEFORE INTEREST & TAX (3) 6,073 3,528
INTEREST EXPENSE 448 294
EARNINGS BEFORE TAX 5,625 3,234
TAXATION EXPENSE (4) 1,051 1,102
NET PROFIT AFTER INTEREST & TAX 4,574 2,132

======

STATEMENT OF MOVEMENTS IN EQUITY

For the Year Ended 31 March 1999

31 March 1999 $000 31 March 1998 $000
EQUITY AT BEGINNING OF YEAR 32,963 30,831
NET PROFIT FOR YEAR 4,574 2,132
TRANSFER OF METERS TO “OTHER” BUSINESS (18) (3,674)
EQUITY AT END OF YEAR 33,863 32,963

======

Counties Power Limited – Line Business

STATEMENT OF FINANCIAL POSITION

As at 31 March 1999

Notes 31 March 1999 $000 31 March 1998 $000
SHAREHOLDERS' FUNDS
Share Capital (5) 29,311 29,311
Retained Earnings 4,552 3,652
TOTAL SHAREHOLDERS' FUNDS 33,863 32,963
TERM LIABILITIES
Term Loan (7) 6,667 2,250
Deferred Taxation (4) 1,713 1,179
TOTAL TERM LIABILITIES 8,380 3,429
TOTAL FUNDING 42,243 36,392
CURRENT LIABILITIES
Bank Overdraft and Short Term Loan (7) 2,000 3,636
Accounts Payable (8) 2,978 2,570
Provision for Replacement of Uneconomic Lines (10) - 322
TOTAL CURRENT LIABILITIES 4,978 6,528
TOTAL EQUITY AND LIABILITIES 47,221 42,920

======

CURRENT ASSETS

31 March 1999 $000 31 March 1998 $000
Bank, Cash, Short-term Investments 4,647 -
Accounts Receivable (6) 517
TOTAL CURRENT ASSETS 5,164

FIXED ASSETS

| | | 42,057 | 40,209 |

| TOTAL ASSETS | | 47,221 | 42,920 |

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Counties Power Limited – Line Business

STATEMENT OF CASH FLOWS

For the Year Ended 31 March 1999

Notes 31 March 1999 $000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers 22,245
Cash was applied to:
Payments to suppliers and employees (9,978)
Income tax paid (870)
Interest paid (448)
Net GST Paid (832)
Net cash flows from operating activities (11) 10,117

| CASH FLOWS FROM INVESTING ACTIVITIES |
| Cash was provided from: | | |
| Proceeds from sale of plant and property | | 66 |
| | | |
| Cash was applied to: | | |
| Purchase and construction of fixed assets | | (8,317) |
| Net cash (used)/generated by investing activities | | (8,251) |

| CASH FLOWS FROM FINANCING ACTIVITIES |
| Cash was provided from: | | |
| Term Loan drawdowns | | 5,417 |

| Net increase (decrease) in cash held | | 7,283 |
| Add opening cash/(borrowings) brought forward | | (2,636) |
| Ending cash carried forward | | 4,647 |

| Bank, Cash and Short-term Investments | (7) | 4,647 |
| Bank Overdraft | | - |
| Short-term Money Market Facility | | - |

Note that a Statement of Cash Flows has been included for the first time in 1999, in accordance with the requirements of the Electricity (Information Disclosure) Regulations 1999. Refer also to note 18 for a significant non-cash transaction in the period.



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✨ LLM interpretation of page content

🏭 Counties Power Limited Financial Performance Statement (continued from previous page)

🏭 Trade, Customs & Industry
23 August 1999
Electricity, Financial Performance, Revenue, Expenses, Profit

🏭 Counties Power Limited Statement of Movements in Equity

🏭 Trade, Customs & Industry
23 August 1999
Electricity, Equity, Financial Statements, Retained Earnings

🏭 Counties Power Limited Statement of Financial Position

🏭 Trade, Customs & Industry
23 August 1999
Electricity, Financial Position, Assets, Liabilities, Shareholders' Funds

🏭 Counties Power Limited Statement of Cash Flows

🏭 Trade, Customs & Industry
23 August 1999
Electricity, Cash Flows, Operating Activities, Investing Activities, Financing Activities