2832 NEW ZEALAND GAZETTE No. 113

OTAGO POWER LIMITED

NOTES TO THE FINANCIAL STATEMENT

for the year ended 31 March 2000

1. Operating Revenue

   Revenue from Line/Access charges | 10,200,755 | 9,407,726 |
   Revenue from other Business for services carried out by the Line business | | 332,532 |
   Interest on cash, bank balances and short term investments | 568,759 | 124,231 |
   AC Loss Rental Rebates | 188,582 | – |
   Other Operating Revenue not listed | 223,213 | 18,308 |

   Total Operating Revenue | 11,181,309| 9,882,797|

2. Operating Surplus before Interest and Income Tax

   The Operating Surplus before Interest and Income Tax was arrived at after providing for the following Expenses:

   Operating Expenditure

   Payment for Transmission charges | 3,314,858 | 2,728,370 |
   Transfer payments to the “other” business for -
   Asset maintenance | 2,107,333 | 2,548,724 |
   Consumer disconnection/reconnection services | – | 7,213 |
   Meter data | – | 16,946 |
   Consumer based load control services | – | 400 |
   Royalty and patent expenses | – | 78,912 |
   Avoided transmission charges on account of own generation | – |
   Other goods and services not listed | 93,190 | 231,803 |

   Total transfer payment to the ‘other’ business | 2,200,523 | 2,883,998|

   Expense to entities that are not related parties for -
   Asset maintenance | – | – |
   Consumer disconnection/reconnection services | – | – |
   Meter data | – | – |
   Consumer based load control services | – | – |
   Royalty and patent expenses | – |

   Total of specified expenses to non-related parties | – |

   Employee salaries, wages and redundancies | 382,843 | 327,635 |
   Consumer billing and information system expense | – |
   Depreciation on – |
   System fixed assets | 998,780 | 876,385 |
   Other assets not listed in system fixed assets | 215,035 | 305,637 |
   Total depreciation | 1,213,815 | 1,182,022|

   Amortisation of -
   Goodwill | – |
   Other intangibles | – |
   Total amortisation of intangibles | – |

   Corporate and administration | 437,684 | 343,872 |
   Human resource expenses | – |
   Marketing/advertising | 7,486 |
   Merger and acquisition expenses | – |
   Takeover defence expenses | – |
   Research and development expenses | – |
   Consultancy and legal expenses | 122,093 | 88,244 |