✨ Financial Statements and Notes
NEW ZEALAND GAZETTE
No. 73
Network Tasman Limited
Line Business Financial Statements
Notes to the financial statements
For the year ended 31 March 2001
| 2001 | 2000 | |
|---|---|---|
| $'000 | $'000 |
6. Dividends
Dividends paid
| | 2,100 | 6,330 |
Total distributions paid or payable
| | 2,100 | 6,330 |
7. Equity
Authorised, issued and fully paid capital
| | 14,280 | 14,280 |
Asset revaluation reserve
| | 47,158 | 47,895 |
Share premium reserve
| | 1,938 | 1,938 |
Retained earnings
| | 8 | 18,169 | 15,916 |
Total equity
| | 81,545 | 80,029 |
Asset revaluation reserve
The electricity distribution system assets were revalued as at 31 March 2001 to net current value. The valuation, on an optimised depreciated replacement cost basis (ODRC) was carried out by independent valuers, PricewaterhouseCoopers and Meritec Limited. The valuation report is dated 25 May 2001. The valuation was undertaken in accordance with the methodology detailed in the Handbook for Optimised Deprival Valuation of System Fixed Assets of Electricity Line Businesses (4th edition) as issued by the Ministry of Economic Development and dated October 2000.
Share premium reserve
The share premium reserve was created on 1 May 1993, recognising the difference between the share capital issued and the closing value of corporate ownership of the Tasman Electric Power Board at 30 April 1993.
8. Retained earnings
Retained earnings at beginning of year
| | 15,916 | 19,870 |
Net surplus for the year
| | 4,862 | 3,880 |
Total available for appropriation
| | 20,778 | 23,750 |
Dividends paid
| | (2,100)| (6,330)|
Transfer of asset revaluation reserve
| | 0 | 6 |
Transfer of land & buildings to “Other” business
| | (509) | (1,510)|
Retained earnings at end of year
| | 18,169 | 15,916 |
9. Receivables
Trade receivables
| | 2,791 | 2,748 |
Less doubtful debts
| | 0 | 4 |
Net trade receivables
| | 2,791 | 2,744 |
Hire purchase receivables
| | 0 | 0 |
Tax refund due
| | 257 | 0 |
Prepayments
| | 98 | 75 |
Total receivables
| | 3,146 | 2,819 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 73
Gazette.govt.nz —
NZ Gazette 2001, No 73
✨ LLM interpretation of page content
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Certification of Financial Statements, Performance Measures, and Statistics Disclosed by Line Owners
(continued from previous page)
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