ALPINE ENERGY LIMITED (LINES)

Financial Statements Prepared in Accordance with the Electricity (Information Disclosure) Regulations

Statement of Financial Position as at 31 March 2001

| Note | 2001
| | $'000 |
|------|--------|
| | 2000
| | $'000 |

Current assets
Cash and bank balances | 61 | 59 |
Short-term investments | 7,800 | 6,185|
Inventories | 0 | 0 |
Accounts receivable | 2,065 | 1,308|
Other current assets | 37 | 0 |
Total current assets | 9,963 | 7,552 |

Fixed assets
System fixed assets | 66,956 | 68,367 |
Consumer billing and information system assets | 0 | 21 |
Motor vehicles | 0 | 165 |
Office equipment | 0 | 21 |
Land and buildings | 381 | 388 |
Capital works under construction (system fixed assets) | 1,532 | 1,345 |
Other fixed assets | 0 | 0 |
Total fixed assets | 68,869 | 70,308 |

Other tangible assets not listed above
Deferred tax | 706 | 86 |
Total tangible assets | 79,538 | 77,946 |

Intangible assets
Goodwill | 0 | 0 |
Other intangibles | 0 | 0 |
Total intangible assets | 0 | 0 |

Total assets | 79,538 | 77,946 |

Current liabilities
Bank overdraft | 0 | 0 |
Short-term borrowings | 0 | 0 |
Payables and accruals | 2,023 | 1,937 |
Provision for dividends payable | 1,307 | 1,324 |
Provision for income tax | 0 | 172 |
Other current liabilities | 0 | 0 |
Total current liabilities | 3,330 | 3,433 |

Non-current liabilities
Payables and accruals | 0 | 0 |
Borrowings | 0 | 0 |
Deferred tax | 0 | 0 |
Other non-current liabilities | 0 | 0 |
Total non-current liabilities | 0 | 0 |

Equity
Shareholders' equity |
Share capital | 26,596 | 26,596 |
Retained earnings | 8,512 | 7,052 |
Reserves | 41,101 | 40,865 |
Total Shareholders' equity | 76,209 | 74,513 |
Minority interests in subsidiaries | 0 | 0 |
Total equity | 76,209 |
Capital notes | 0 | 0 |
Total capital funds | 76,209 | 74,513 |

Total equity and liabilities | 79,539 | 77,946 |