✨ 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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πŸ—οΈ Electricity Corporation of New Zealand Limited Financial Notes (continued from previous page)

πŸ—οΈ Infrastructure & Public Works
Insurance, Resource Consents, Accounting Policies, Financial Statements, Comparative Figures