β¨ Financial Statements Notes
NEW ZEALAND GAZETTE
No. 170
Electricity Corporation of New Zealand Limited
Notes to the Financial Statements
| 1999 | 1998 | |
|---|---|---|
| $M | $M |
2. Trading activities
Sale of electricity | 600 | 915 |
Other income | 17 | 9 |
Total revenue from trading activities | 617 | 924 |
Other income consists primarily of ancillary service revenue.
3. Net finance costs from trading activities
Loan interest | 64 | 111 |
Less: Interest capitalised | 14 | 13 |
| 50 | 98 |
Less: Investment income |
Interest from investments | 5 | 10 |
Dividends received | 12 | - |
Total investment income | 17 | 10 |
Total net finance costs from trading activities | 33 | 88 |
4. Profit before taxation
Profit before taxation is stated after charging:
Depreciation | 82 | 110 |
Research | 1.3 | 6.4 |
Write down of assets | 8.0 | 2.9 |
Operating lease and rental costs | 2.1 | 2.6 |
Amounts received by the auditors for:
Auditing the financial statements | 0.3 | 0.3 |
Other services | 2.1 | 1.2 |
Directors' fees | 0.4 | 0.3 |
Donations | 0.1 | 0.2 |
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VUW Te Waharoa —
NZ Gazette 1999, No 170
NZLII —
NZ Gazette 1999, No 170
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Electricity Corporation of New Zealand Limited Financial Notes
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