New Zealand Gazette – 2000 – No. 93

Page 2340

✨ Audit Opinion on Top Energy Limited

2340
NEW ZEALAND GAZETTE
No. 93

PRICEWATERHOUSECOOPERS

Other than in our capacity as auditor on behalf of the Controller and Auditor-General, we have no relationship with or interests in Top Energy Limited except that we have audited the financial statements prepared under the Financial Reporting Act 1993.

Fundamental Uncertainty

In forming our qualified opinion, we have considered the adequacy of disclosures made in the financial report concerning the collectibility of the Inter-business Account.

This account represent funds advanced to other “businesses” within the company, including the business investing in subsidiary companies of the Group. These subsidiaries include Ngawha Construction Limited.

Ngawha Construction Limited owns and operates the Ngawha Geothermal Power Station. An exemption application sought from the Commerce Commission under the Electricity Industry Reform Act 1998, to allow ownership of the above company to be retained by Top Energy Limited has been denied and the Company has sought Judicial Review by the High Court of that decision. At the time of approving these financial statements the probable outcome of the review can not be reliably assessed. Should the Commission’s decision be confirmed Top Energy Limited will be required to dispose of its investment in Ngawha Construction Limited. This disposal could result in the Lines Business “forgiving” part of the debt of $10,919,517.

Details of the circumstances relating to this fundamental uncertainty are described in note 12.

Unqualified Opinion

We have obtained all the information and explanations we have required.

In our opinion —

proper accounting records have been maintained by Top Energy Limited as far as appears from our examination of those records; and
the financial statements attached
(a) comply with generally accepted accounting practice; and
(b) give a true and fair view of the financial position of Top Energy Limited as at 31 March 2000 and the results of its operations and cashflows for the year then ended; and
comply with the Electricity (Information Disclosure) Regulations 1999.

Our audit was completed on 1 May, 2000, and our opinion is expressed as at that date.

Peter Scott
PricewaterhouseCoopers
On behalf of the Controller and Auditor-General
Auckland, New Zealand

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Online Sources for this page:

VUW Te Waharoa — NZ Gazette 2000, No 93

Gazette.govt.nz — NZ Gazette 2000, No 93

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✨ LLM interpretation of page content

🏭 Audit Office Opinion on Top Energy Limited Performance Measures (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated1 May 2000
KeywordsAudit, Performance Measures, Electricity, Information Disclosure, Regulations, Financial Statements, Geothermal Power
👩‍💼 Officials

Peter Scott, PricewaterhouseCoopers, on behalf of the Controller and Auditor-General

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