New Zealand Gazette – 2001 – No. 111

Page 2877

✨ Financial Statements Notes



31 AUGUST NEW ZEALAND GAZETTE 2877

2000
Book
Value
$000 AS AT 31 MARCH 2001
Cost or
Revaluation
$000

Capital Work in Progress Comprises:
Distribution Substations 326 249
Low Voltage Reticulation 652 498
Distribution Lines and Cables 652 497
Distribution Transformers 138 19
Other - 197
1,768 1,460

Note 4 : Deferred Tax Liability

                        2001
                        $000            2000
                                        $000

Balance at beginning of year 12,309 12,309
Movement from income tax charge 3,780 3,709
Adjustment for prior year deferred tax liability (4,733) 8,600

Balance at end of year 11,356 12,309

Note 5 : Term Debt

Balance at beginning of year 112,000 -
Current year borrowing - 115,000
Current year repayment (1,200) (3,000)

Balance at end of the year 110,800 112,000

The Line Business has a borrowing facility allowing it to draw funds up to $115 million. At year-end $110.8 million had been drawn on the facility. The weighted average interest rate on the advances at 31 March 2001 was 6.86%. The repayment period on the advances is between 2 and 10 years as follows:

1 - 2 years 15,800
2 - 5 years 15,000
5 years and greater 80,000
110,800

In addition a call facility exists with a floating interest rate.

Note 6 : Reconciliation of Net Surplus from Operating Activities

                        2001            2000
                        $000            $000

Net profit after tax 5,201 2,599
Items not Involving Cashflows Depreciation 6,285 6,261
Impact of Changes in Working Capital Items
(Increase)/Decrease in Accounts Receivable (497) 7,201
(Increase)/Decrease in Inventories - -
(Increase)/Decrease in Tax Refund 37 (125)
Increase/(Decrease) in Taxation Payable - (4,032)
Increase/(Decrease) in Accounts Payable (1,126) 1,009
Increase/(Decrease) in Term Liabilities - -
Gain on Sale of Assets -
Increase/(Decrease) in Deferred Tax Liability 3,780 3,709

Net Cash Inflows/(Outflows) From Operating Activities 13,680 16,622



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 111


Gazette.govt.nz — PDF NZ Gazette 2001, No 111




✨ LLM interpretation of page content

💰 Notes to the Financial Statements (continued from previous page)

💰 Finance & Revenue
Capital Work in Progress, Deferred Tax Liability, Term Debt, Net Surplus, Operating Activities