New Zealand Gazette – 2001 – No. 98

Page 2572

✨ Audit Report



PRICEWATERHOUSECOOPERS

Other than in our capacity as auditor acting on behalf of the Controller and Auditor-General and providing other professional services from time to time, we have no relationship with or interests in Top Energy Limited.

Fundamental Uncertainty

In forming our unqualified opinion, we have considered the adequacy of the disclosures made in the financial statements concerning the collectibility of the Inter-business Account.

This account represents funds advanced to other "businesses" within the company, including the business investing in subsidiary companies of the Group. These subsidiaries include Ngawha Construction Limited.

Ngawha Construction Limited owns and operates the Ngawha Geothermal Power Station. An exemption application sought from the Commerce Commission under the Electricity Industry Reform Act 1998, to allow ownership of the above company to be retained by Top Energy Limited has been denied and the Company has sought Judicial Review by the High Court of that decision. The Judicial Review may be superseded by the recent enactment of the Electricity Industry Act 2001 which may allow Top Energy Limited to retain ownership of Ngawha Construction Limited. At the time of approving these financial statements the impact of the new legislation cannot be confirmed. If Top Energy Limited can not retain ownership it will be required to dispose of its investment in Ngawha Construction Limited. The disposal of this investment could result in the Top Energy Limited "forgiving" part of the debt of $10,785,092 recorded in these financial statements.

Details of the circumstances relating to this fundamental uncertainty are described in note 12.

Unqualified Opinion

We have obtained all the information and explanations we have required.

In our opinion —

  • proper accounting records have been maintained by Top Energy Limited as far as appears from our examination of those records; and

  • the financial statements attached
    (a) comply with generally accepted accounting practice; and
    (b) give a true and fair view of the financial position of Top Energy Limited as at 31 March 2001 and the results of its operations and cashflows for the year then ended; and

  • comply with the Electricity (Information Disclosure) Regulations 1999.

Our audit was completed on 9 August 2001 and our unqualified opinion is expressed as at that date.

Peter Scott
PricewaterhouseCoopers
On behalf of the Controller and Auditor-General
Auckland, New Zealand



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 98


Gazette.govt.nz — PDF NZ Gazette 2001, No 98




✨ LLM interpretation of page content

💰 Report of the Audit Office on Top Energy Limited's Financial Statements (continued from previous page)

💰 Finance & Revenue
9 August 2001
Audit, Financial Statements, Top Energy Limited, Inter-business Account, Ngawha Construction Limited, Judicial Review, Electricity Industry Act 2001
  • Peter Scott, PricewaterhouseCoopers, On behalf of the Controller and Auditor-General