New Zealand Gazette – 2001 – No. 85

Page 2213

✨ Financial Statements Disclosure



10 AUGUST
NEW ZEALAND GAZETTE
2213

HAWKE’S BAY NETWORK LIMITED - LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2001

18 FURTHER INFORMATION CONTINUED

The following information is required to be disclosed in the financial statements under regulation 6 of the Electricity (Information Disclosure) Regulations 1999.

(q) Auditors’ fees: 2001 $000 2000 $000
(i) Audit fees paid to principal auditors: 33 34
(ii) Audit fees paid to other auditors: 0 0
(iii) Fees paid for other services provided by principal and other auditors: 4 4
(iv) Total auditors’ fees: 37 38
(r) Costs of offering credit:
(i) Bad debts written off: 88 0
(ii) Increase in estimated doubtful debts: (88) 63
(iii) Total cost of offering credit: 0 63
(s) Local authority rates expense: 94 72
(t) AC loss-rentals (distribution to retailers/customers) expense: 2,718 773
(v) Subvention payments: 0 0
(w) Unusual expenses: 933 2,113
(x) Other expenditure not listed in (a) to (w) 291 132
Total operating expenditure 29,609 28,503
Operating surplus before interest and income tax 3,678 3,552
Interest expense
(a) Interest expense on borrowings 0 0
(b) Financing charges related to finance leases 0 0
(c) Other interest expense 60 60
Total interest expense 60 60
Operating surplus before income tax 3,618 3,492
Income tax 964 20
Net Surplus after Tax 2,654 3,472

19 SEGMENT INFORMATION

The company operates predominantly in one industry - the ownership, management and operation of electricity networks.

20 PROPERTIES INTENDED FOR SALE

2001 $000 2000 $000
Non Network Buildings 953 -
Non Network Land 549 -
Total Properties Intended for Sale 1,502 -

These properties are now included in Current Assets as at 31 March 2001 at the amounts valued by Logan Stone Ltd of Hastings as at 31 March 2000, adjusted for additions at cost and depreciation to 31 March 2001. These valuations were based on market value on an existing use basis as at 31 March 2000. The final values realised may differ from these valuations. Due to this pending sale, a new valuation as at 31 March 2001 was not carried out.



Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 85


Gazette.govt.nz — PDF NZ Gazette 2001, No 85




✨ LLM interpretation of page content

🏗️ Hawke's Bay Network Limited Financial Statements Disclosure (continued from previous page)

🏗️ Infrastructure & Public Works
Financial Statements, Electricity, Information Disclosure, Hawke's Bay Network Limited, Revenue, Expenditure