NELSON ELECTRICITY LIMITED

Statement of Cash Flows for the Year Ended 31 March 2001

| Cash was Applied to |
| Payments to Suppliers | (3,330) | (3,208) |
| Interest Paid | (159) | (163) |
| Net GST Paid | (10) | 28 |
| Taxation Paid | (1,478) | (946) |
| | (4,977) | (4,289) |

| Net Cash Flow From Operating Activities| 3,190 | 3,446 |

| CASH FLOW FROM INVESTING ACTIVITIES |
| Cash was Provided From |
| Proceeds From Sale of Fixed Assets | 1 | 13 |

| Cash was Applied to |
| Buy-Out of Network Lease | | (2,449) |
| Purchase of Fixed Assets | (511) | (257) |
| | (510) | (2,693) |

| Net Cash Flow From Investing Activities| (510) | (2,680) |

| CASH FLOW FROM FINANCING ACTIVITIES |
| Cash was Applied to |
| Settlement Of Term Debt | (798) | |
| Share Repurchase | (3,700) | |
| Retained Earnings Adjustment | 150 | |
| Payment of Dividends | | (1,000) |
| | (4,348) | (1,000) |

| Net Cash Flow From Financing Activities| (4,348) | (1,000) |

| Net Increase in Cash Held | (1,668) | (247) |
| Opening Cash Bought Forward | 1,754 | 2,001 |
| Cash Balance at End of Year | 86 | 1,754 |

Reconciliation of Surplus After Taxation With Cash Flow From Operating Activities

| Net Surplus After Taxation | 1,793 | 1,548 |

| Add/(Less) Non Cash Items |
| Depreciation | 422 | 417 |
| Amortisation of Loan Interest | | 3 |
| Amortisation of Lease Buy-out | 919 | 919 |
| Movement in Deferred Taxation | (2) | (285) |
| | 1,339 | 1,054 |

| Add/(Less) Movements in Working Capital |
| (Increase)/Decrease in Receivables | 85 | 35 |
| (Increase)/Decrease in Inventories | (5) | (76) |
| Increase/(Decrease) in Creditors and Accruals| 47 | 369 |
| Increase/(Decrease) in Taxation | (68) | 520 |
| | 59 | 848 |

| Add Capital Expenditure in Creditors | 19 | (4) |

| Net Cash Flow from Operating Activities| 3,190 | 3,446 |