New Zealand Gazette – 1999 – No. 164

Page 3934

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 164

BULLER ELECTRICITY LIMITED – LINE BUSINESS

11. Reconciliation of Net Cash Flow from Operating Activities with Reported Net Surplus

1999

Net Surplus after Tax
520,500

Add back non cash items:

  • Depreciation 500,135

  • Deferred Tax Liability Increase (Decrease) 46,776

  • Vested Assets (82,896)

                              464,015

Add (Less) movements in Working Capital

  • Decrease (Increase) in Accounts Receivable (213,842)

  • (Decrease) Increase in Accounts Payable 12,106

  • (Decrease) Increase in Taxation Receivable (356,472)

                              (558,208)

Plus (Less) Items Classified as Investing Activity

  • Net (Gain) Loss on Sale / write off of Fixed Assets 201,548

Net Operating Cashflow 627,855

12. Segment Reporting

The company operates within the electricity industry. All its core functions take place within New Zealand and in the Buller region conveying electricity and managing and operating assets of the lines business.

13. Related Party Transactions and Disclosures

The related parties of Buller Electricity Limited are the Buller Electric Power Trust and Buller Energy Limited.

i) The company is 100% owned by the Buller Electric Power Trust. During the year the company:

  • paid the Trust $160,000 as a dividend compared to $138,000 the previous year
  • charged the Trust $3,836 for administration costs associated with the triennial trustee elections

ii) All directors are customers of Buller Electricity and supply is provided to them under standard terms and conditions.

iii) Buller Electricity Limited purchased line construction and maintenance services at retail chargeout rates amounting to $1,339,536 from its contracting division Powerbuild for the period April 1 1998 to March 31 1999. At year end there were no outstanding balances for related parties and no debts were written off or forgiven during the year.
a Construction of subtransmission assets 3,298
b Construction of zone substations 145,440
c Construction of distribution lines and cables 314,283
d Construction of medium voltage switchgear 31,627
e Construction of distribution transformers 42,232
f Construction of distribution substations 52,981
g Construction of low voltage reticulation 54,893
h Construction of other system fixed assets 1,574
i Maintenance of assets 494,607
j Consumer connections and disconnections 1,413

The accompanying notes form part of these financial statements



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Financial Statements, Revenue, Expenditure, Net Profit, Buller Electricity Limited