New Zealand Gazette – 1999 – No. 98

Page 2363

✨ Financial Statements

20 AUGUST NEW ZEALAND GAZETTE 2363

NOTES TO AND FORMING PART OF THE LINE BUSINESS

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 1999

ENTITY STATEMENT: Electricity Invercargill Limited was incorporated as a Local Authority Trading Enterprise on 30 June, 1991 at which time it purchased the electricity distribution undertaking of the Invercargill City Council Municipal Electricity Department and commenced trading on 1 July, 1991. On 28 August, 1996 the Invercargill City Council sold all the shares in Electricity Invercargill Limited to a wholly owned subsidiary, Invercargill City Holdings Limited (Holdco).

United Electricity Limited (in which Electricity Invercargill Limited held a 13% interest) purchased the electricity retailing activities of the Company on 1 November, 1993. Pursuant to Government legislation the Company’s interest in United Electricity Limited was sold on 1 October, 1998.

PowerNet Limited (owned 50/50 with The Power Company Limited) assumed complete responsibility for the day to day management of Electricity Invercargill Limited’s network on 1 March, 1994. The present Line Business is a consolidation of Electricity Invercargill Limited and it’s share of PowerNet Limited.

NOTE 1. STATEMENT OF ACCOUNTING POLICIES

GENERAL ACCOUNTING POLICIES

The general accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on a modified historical cost basis are followed by the Company in the preparation of this report. The reporting requirements set down in the Electricity (Information Disclosure) Regulations 1999 have been complied with. Accrual accounting is used to match expenses and revenues and reliance is placed on the fact that the Company is a going concern.

PARTICULAR ACCOUNTING POLICIES

The following particular accounting policies which materially affect the measurement of profit and the financial position have been applied:

(a) Basis of Consolidation

The proceeds from the sale of Electricity Invercargill Limited’s 13% interest in United Electricity Limited have not been included in these accounts. The interest in PowerNet Limited has been accounted for by line by line consolidation of revenue and expenses with the elimination of all significant inter-company transactions. The company’s share of profits and losses in PowerNet Limited are reflected in the Consolidated Operating Statement and Balance Sheet.

(b) Costs and Revenue

Costs and Revenues are those directly attributable to the Line Business of Electricity Invercargill Limited.

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VUW Te Waharoa — NZ Gazette 1999, No 98

NZLII — NZ Gazette 1999, No 98

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💰 Financial Statements for Electricity Invercargill Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Accounting Policies, Electricity Invercargill Limited

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