New Zealand Gazette – 2000 – No. 87

Page 2123

✨ Financial Statements



NEW ZEALAND GAZETTE

7 AUGUST

2123

NETWORK TASMAN LIMITED

LINE BUSINESS FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2000

2000 1999
$'000 $'000

12. DEFERRED TAXATION ASSET

Balance at beginning of the year
81 1,288
Under (over) provision in prior years
0 0
Deferred tax on timing differences
32 (1,207)
Other movements during the year
0 0
Balance at end of the year
113 81

13. RECONCILIATION OF NET OPERATING SURPLUS AFTER TAXATION WITH NET CASH FLOWS FROM OPERATING ACTIVITIES

Operating surplus after taxation
3,880 4,117

Add (less) non-cash items and non-operating items:
Depreciation and revaluations
2,500 3,908
Movement in deferred taxation
(32) 1,207
Vested assets
(1,228) 0
Bad debts written-off
9 0
Change in provision for doubtful debts
4 0
Movement in capital expenditure in creditors
101 (346)

1,354   4,769

Movement in working capital:
Increase (decrease) in payables and provisions
102 (5,362)
(Increase) decrease in receivables
(4) 356
Increase (decrease) in taxation payable
(1,001) 1,451

(903)   (3,575)

Net cash flows from operating activities
4,331 5,311

14. RELATED PARTY TRANSACTIONS

Network Tasman Limited contracted with Tasman Electrical Limited (now MainPower Contracting Limited), an associate company, for operational, maintenance and capital extension work on its distribution network. The related party relationship ceased on 1 October 1999 with the sale of Network Tasman's remaining 40% shareholding.

The total consideration for line business services up to 1 October 1999 was $1,150,000 (1999: $2,733,000) and was charged on normal terms and conditions.

The goods and services provided by Tasman Electrical Limited in relation to asset construction activities during the related party period can be grouped into the following categories:

Construction of subtransmission assets
0
Construction of zone substations
0
Construction of distribution lines and cables
73
Construction of medium voltage switchgear
0
Construction of distribution transformers
53
Construction of distribution substations
6
Construction of low voltage reticulation
58
Construction of other system fixed assets
0
Maintenance of assets
900
Consumer connections and disconnections
57

Network Tasman Limited provided management and administrative services to Nelson Electricity Limited, an associate company, for nominal consideration.

There were no outstanding related party balances as at 31 March 2000 (1999: $206,365). No related party debts have been written off or forgiven during the year.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 87


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




✨ LLM interpretation of page content

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

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