New Zealand Gazette – 2000 – No. 104

Page 2597

✨ Electricity Financial Statements



23 AUGUST

NEW ZEALAND GAZETTE

2597

1.8 COMPARATIVE FIGURES

The Electricity (Information Disclosure) Amendment Regulations 2000, issued in June 2000 require in the main changes to the Electricity (Information Disclosure) Regulations 1999, affecting the financial statements in the following areas:

  • an ODV valuation reconciliation report, see note 8.1 and
  • further disclosure of expense items and line charges.

Paragraph 2.9.1 of the Electricity Information Disclosure Handbook issued by the Ministry of Commerce permits the use of figures disclosed in previous years to be used as comparatives even though they may have been arrived at using a different methodology. It also permits the exclusion of comparative figures where the figures are disclosed for the first time in the current year.

Accordingly comparatives have not been restated or provided where the figures are disclosed for the first time this year.

2. OPERATING SURPLUS BEFORE TAXATION

2000 1999
$000 $000

2.1 The operating surplus before taxation has been determined after:

Crediting as revenue:

  • Interest Income | 173 | (3) |
  • Property Rentals | 147 | 143 |
  • Surplus on Disposal of Fixed Assets | 398 | 10 |

Charging as expense:

  • Audit Fees Paid to Principal Auditor | 37 | 49 |
  • Directors Fees | 90 | 97 |
  • Depreciation | 1,219 | 1,162 |
  • Interest on Term Debt | - | 18 |
  • Donations (Educational Grants) | 19 | 17 |
  • Rental Expense on Operating Leases | 22 | 25 |

2.2 Revenue in 2000 reflects $5.1m discounts paid to line consumers in March 2000.

3. SHARE CAPITAL

3.1 Marlborough Electric’s shares are held by the trustees to the Marlborough Electric Power Trust.

3.2 SHARE CAPITAL

Issued and Paid up Capital ordinary $1.00 shares

2000 1999
8,736 7,105

4. ACCOUNTS RECEIVABLE

The balance of Accounts Receivable comprises:

  • Electricity and other trade debtors | 1,594 | 393 |

5. INVENTORIES

2000 1999
Reticulation stock 1,291 1,192

Some inventories are subject to retention of title clauses.

6. CREDITORS AND ACCRUALS

In current liabilities the balance of creditors and accruals comprises:

2000 1999
Trade Creditors and Accruals 2,610 2,281
Employee Entitlements 43 97
Total 2,653 2,378

6.1 Employee entitlements in non current liabilities recognises the Company’s liability for retirement gratuities.

7. TERM LOANS

Bank Term Debt Facility
Inter-divisional debt

2000 1999
- 3,200

No security has been issued in respect of Marlborough Electric’s term loans. Interest rate is linked to the 90 Day Bank Bill Rate (Bank buy rates). The effective rate at 31 March 2000 was 5.7% (1999 5.05%).

8. FIXED ASSETS

8.1 Schedule 4 Part 8

Annual Valuation Reconciliation Report for Year ending 31 March 2000

$000
System Fixed Assets at ODV at 31 March 1999 70,119
Add
System Fixed Assets Acquired During the Year at ODV 1,683
Less
System Fixed Assets Disposed off During the Year at ODV -
Depreciation on System Fixed Assets (2,511)
Add
Revaluations of System Fixed Assets -
Equals
System Fixed Assets at ODV at 31 March 2000 69,291


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 104


Gazette.govt.nz — PDF NZ Gazette 2000, No 104




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