✨ Financial Statements
3052 NEW ZEALAND GAZETTE No. 120
11 COMMITMENTS
Estimated capital expenditure contracted for at balance date is $20,000 (1999: $3,029,000).
12 CONTINGENT LIABILITIES
As at 31 March 2000 there were no material contingent liabilities that are not included in these financial statements (1999: NIL).
13 SEGMENT INFORMATION
The predominant activity of Electricity Ashburton Limited is the distribution of electricity. All operations are conducted in New Zealand.
14 RELATED PARTIES
All related party transactions in the accounts of Electricity Ashburton have been conducted on a commercial and arms length basis.
The contracting division of Electricity Ashburton has provided the following services at cost, including overheads, for the period 1 April 1999 to 31 March 2000.
| 2000 $ | 1999 $ | |
|---|---|---|
| Construction of distribution lines & cables | 2,535,165 | 3,805,694 |
| Construction of medium voltage switchgear | 382,487 | 0 |
| Construction of distribution transformers | 757,858 | 0 |
| Construction of distribution substations | 3,328,144 | 158,592 |
| Construction of low voltage lines and cables | 209,738 | 38,015 |
| Construction of other system fixed assets | 0 | 17,935 |
| Maintenance of assets | 1,117,141 | 1,540,284 |
| Consumer connections and reconnections | 0 | 0 |
| Other services | 22,361 | 0 |
No amounts have been forgiven or written off, and no amounts remain outstanding at the end of the period.
15 RECONCILIATION OF NET SURPLUS TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 2000 $ | 1999 $ | |
|---|---|---|
| Net Surplus (Deficit) after tax | 1,177,423 | (494,680) |
| Add Non Cash Items: | ||
| Movement in Deferred Taxation | 719,640 | (2,460,887) |
| Deferred Taxation taken to reserves | 0 | 3,146,726 |
| Depreciation | 2,778,774 | 2,774,555 |
| 4,675,837 | 2,965,714 | |
| Add (less) Movements in Working Capital Items: | ||
| Decrease (Increase) in Tax Receivable | 177,838 | (255,778) |
| Decrease (Increase) in Receivables | (1,189,399) | 252,983 |
| Decrease (Increase) in Inventories | (575,507) | 207,797 |
| Decrease (Increase) in Accounts Payable | (280,820) | 2,091,447 |
| (1,868,388) | 2,296,454 | |
| Add (less) Items Classified as Investing Activities: | ||
| Net Loss (Gain) on Disposal of Assets | 0 | 18,101 |
| Other | 0 | 346,314 |
| 0 | 364,415 | |
| Net Cash Flows from Operating Activities | 2,807,449 | 5,626,583 |
16 ANNUAL ODV VALUATION RECONCILIATION
| $ | |
|---|---|
| Opening Book Value | 61,604,319 |
| Additions | 7,524,772 |
| Depreciation | (2,367,932) |
| Revaluation (31/03/2000) | (4,931,577) |
| Closing Book Value | 61,829,582 |
The ODV valuation amounting to $63,180,843 includes a valuation for distribution system inventory amounting to $51,351,261. In preparing these regulation financial statements inventory has been recorded at cost and not at the ODV valuation figure.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 120
Gazette.govt.nz —
NZ Gazette 2000, No 120
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Electricity Ashburton Limited Financial Statements
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