New Zealand Gazette – 2001 – No. 107

Page 2753

✨ Financial Statements

Notes to and Forming Part of the Financial Statements

For the Seven Months Ending 31 March 2001

12. RELATED PARTY TRANSACTIONS

Powerco paid consulting fees amounting to $36,392 to Upson Associates Ltd, a company in which Mr B R Upson, a director has an interest, for work done on behalf of the predecessor companies for the amalgamation. This amount was paid in September 2000.

Powerco is also deemed to have a related party relationship with New Plymouth District Council. The New Plymouth District Council holds a 47.61% material interest in Powerco Limited. Powerco paid $39,168 rent to the New Plymouth District Council at market rates. Rates have been paid to New Plymouth District Council to the value of $16,470. Other arms length transactions with the New Plymouth District Council amounted to $16,888.

Assel construction undertaken as part of the Integrated business:

	Line 2001	7 mth $000
Subtransmission		46
Zone substations		1,409
Distribution lines & cables		1,988
Medium voltage switchgear		760
Distribution transformers		208
Distribution substations		1,507
Low voltage reticulation		825
Other assets		385
Total asset construction		7,128

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

	Line 2001	7 mth $000
Operating surplus after taxation		8,055
Add (less) non cash items
Depreciation		9,770
Loss on Sale		222
Provision for Doubtful Debts		264
		10,256

Movements in working capital

| | | |
| Accounts receivable | | 8,499 |
| Change in Prepayments | | 4,014 |
| Movements in deferred taxation | | 1,100 |
| Tax refund due | | 3,266 |
| Inventories | | (527) |
| Accounts payable | | 312 |
| | | 16,664 |

Net cashflow from operating activities | | $34,975 |

VUW Te Waharoa — NZ Gazette 2001, No 107

Gazette.govt.nz — NZ Gazette 2001, No 107

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✨ LLM interpretation of page content

🏭 Powerco Limited Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Related Party Transactions, Reconciliation of Operating Surplus, Asset Construction, Cashflow
👱🏽 Names

B. R. Upson (Mr), Director with interest in Upson Associates Ltd

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