New Zealand Gazette – 2000 – No. 94

Page 2352

✨ Financial Statements Notes

2352
NEW ZEALAND GAZETTE
No. 94

POWERCO LIMITED
Notes to the Financial Statements
for the year ended 31 March 2000

Statement of Accounting Policies

Reporting Entity

Powerco Limited is a company registered under the Companies Act 1993. The group consists of Powerco Limited, its subsidiaries and its associate.

The following activities were the principal activities undertaken by Powerco Limited during the financial year:

Distribution of electricity and value added services.
Distribution of gas and value added services.

These financial statements have been prepared to comply with the provisions of the Electricity (Information Disclosure) Amendment Regulations 2000, Section 44 of the Energy Companies Act 1992, the Companies Act 1993, and the Financial Reporting Act 1993.

Measurement Basis

The accounting principles recognised as appropriate for the measurement and reporting of earnings and financial position on an historical cost basis are followed by the Group, with the exception that certain fixed assets have been revalued.

Specific Accounting Policies

The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:

a) Basis of Consolidation

The consolidated financial statements include those of Powerco Limited and its wholly owned subsidiary, Taranaki Energy Limited. All significant inter-company transactions and balances are eliminated on consolidation. In the parent company financial statements investments in subsidiaries are stated at cost.

b) Associate Companies

These are companies in which the group holds substantial shareholdings and exercises significant influence in commercial and financial policy decisions.

Associate companies have been reflected in the consolidated financial statements on an equity accounting basis which shows the group's share of profits in the consolidated statement of financial performance and its share of post acquisition increases or decreases in net assets, in the consolidated statement of financial position.

VUW Te Waharoa — NZ Gazette 2000, No 94

Gazette.govt.nz — NZ Gazette 2000, No 94

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Powerco Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Accounting Policies, Powerco Limited, Electricity, Gas

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