New Zealand Gazette – 2001 – No. 72

Page 1715

✨ Financial Statements and Notes

13 JULY

NEW ZEALAND GAZETTE

1715

(v) Subvention payments - -
(w) Unusual expenses - -
(x) Other expenditure not listed in (a) to (w) - -
13. Total operating expenditure 7,430,182 7,541,431
14. Operating surplus before interest and tax 4,248,737 3,502,169
15. Interest expense
(a) Interest expense on borrowings 3,861 82
(b) Financial charges related to finance leases - -
(c) Other interest expense - -
(d) Total interest expense 3,861 82
16. Operating surplus before income tax 4,244,876 3,502,087
17. Income tax 1,408,751 1,176,205
18. Net surplus after tax $ 2,836,125 $ 2,325,882

NOTE 11. RECONCILIATION OF ODV VALUATION

ODV Valuation at 1 April 2001 $ 2000 $
32,718,590 32,538,453
Additions for year 4,599,498 1,793,793
Disposals for year (622,544) (288,297)
Annual Depreciation (1,265,579) (1,325,359)
Revaluation 1,007,440 -
ODV Valuation at 31 March 36,437,405 32,718,590

NOTE 12. ELECTRICITY CONVEYED FOR RETAILERS

Contact Energy 2001 kWh 2000 kWh
218,814,311 204,318,635
Genesis 511,267 43,120
Meridian 5,794,007 709,785
Mighty River 5,303,671 3,881,691
The Power Company OCB46 5,946,641 -
TransAlta NZ 14,200,626 11,395,852
TrustPower 11,083,277 4,878,544
Total 261,653,800 225,227,627

NOTE 13. TRANSACTIONS WITH RELATED PARTIES

During the year the Company purchased construction and maintenance services from its joint venture company, PowerNet Limited, to an amount of $3,661,749 (2000 - $3,084,668). The amount owed to PowerNet Limited at year end is $82,177 (2000 - $455,867). No related party debts have been written off or forgiven during this, or last year.

Asset Construction: 2001 $
Subtransmission 595,060
Zone Substation 620,825
Distribution Lines & Cables 1,661,640
Distribution Switchgear 128,000
Distribution Transformers 39,900
Distribution Substations 10,000
LV Reticulation 308,405
Other System Fixed Assets 294,979
Customer Connections 2,940
$ 3,661,749

VUW Te Waharoa — NZ Gazette 2001, No 72

Gazette.govt.nz — NZ Gazette 2001, No 72

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✨ LLM interpretation of page content

💰 Notes to Financial Statements for Electricity Invercargill Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Revenue, Expenditure, Current Assets, Fixed Assets, Liabilities, Equity, Intangible Assets, ODV Valuation, Electricity Conveyed, Related Party Transactions

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