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New Zealand Gazette – 2000 – No. 87

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✨ Financial Statements

7 AUGUST NEW ZEALAND GAZETTE 2121

NETWORK TASMAN LIMITED

LINE BUSINESS FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2000

	2000
	$000

	1999
	$000

6. SHARE CAPITAL

Authorised, issued and fully paid capital

              | 14,280 | 14,280

7. RESERVES

Asset Revaluation Reserve | 47,895 | 47,901
Share Premium Reserve | 1,938 | 1,938
| 49,833 | 49,839

The electricity distribution system assets were revalued as at 31 March 1997 to a carrying value which equated to 80% of Optimised Deprival Value (ODV). The 31 March 1997 ODV valuation and a carrying value opinion were prepared by Gatherall Taylor Associates. The valuation report is dated 23 April 1997. The valuation was undertaken in accordance with the methodology detailed in Handbook for Optimised Deprival Valuation of Electricity Lines Businesses authorised by the Ministry of Commerce (Energy Policy Group) dated 23 June 1994.

The share premium reserve was created on 1 May 1993, recognising the difference between the share capital issued and the closing value of corporate ownership of the Tasman Electric Power Board at 30 April 1993.

8. RETAINED EARNINGS

Retained earnings at beginning of the year | 19,870 | 16,003
Net surplus attributable to the shareholders of the company | 3,880 | 4,117
Total available for appropriation | 23,750 | 20,120

Dividends paid | 5 | (6,330) | (250)
Transfer of asset revaluation reserve | 6 | 0 |
Transfer of land & buildings to “Other” business | (1,510) | 0

Retained earnings at end of the year | 15,916 | 19,870

9. PAYABLES AND PROVISIONS

Trade payables and accruals | 1,879 | 1,731
Taxation payable | 563 | 1,564
Employee provisions | 311 | 183
Dividend provision | 0 | 100
Sundry provisions | 174 | 248
Total payables and provisions | 2,927 | 3,826

VUW Te Waharoa — NZ Gazette 2000, No 87

Gazette.govt.nz — NZ Gazette 2000, No 87

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✨ LLM interpretation of page content

🏭 Network Tasman Limited Information Disclosure (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsElectricity, Information Disclosure, Regulations, Financial Statements, Performance Measures, Accounting Policies, Line Revenue, GST, Fixed Assets, Valuation, Depreciation

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