✨ Financial Statements, Electricity Ashburton Limited
SEGMENT INFORMATION
The predominant activity of Electricity Ashburton Limited is the distribution of electricity. All operations are conducted in New Zealand.
RELATED PARTIES
Electricity Ashburton Limited has a contracting division that provides services to the Lines Business. The services provided are for the maintenance of the network and capital construction of System Assets. The services are provided in an ongoing capacity. The standard charge for these services are:
| Labour | $22 to $30 per hour |
| External Purchase | Charged at cost |
| Transport (light truck) | $7.20 per hour |
| Transport (heavy truck) | $18 to $27 per hour |
The contracting division of Electricity Ashburton Limited has provided the following services at cost, including overheads, for the period 1 April 2001 to 31 March 2002:
| 2002 | 2001 | |
|---|---|---|
| Construction of distribution lines & cables | $7,628,427 | $5,078,623 |
| Construction of medium voltage switchgear | $0 | $0 |
| Construction of distribution transformers | $255,628 | $83,902 |
| Construction of distribution substations | $1,942,443 | $454,354 |
| Construction of low voltage lines and cables | $328,844 | $279,952 |
| Construction of other system fixed assets | $0 | $27,409 |
| Maintenance of assets | $681,950 | $670,489 |
| Consumer connections and reconnections | $0 | $0 |
| Other services | $15,497 | $27,250 |
No amounts have been forgiven or written off, and no amounts remain outstanding at the end of the period.
RECONCILIATION OF NET SURPLUS TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 2002 | 2001 | |
|---|---|---|
| Reported Net profit after tax | (272,515) | 671,501 |
Add Non Cash Items:
| Movement in Deferred Taxation | 982,061 | 878,031 |
| Depreciation | 2,929,567 | 2,757,821 |
| | 3,639,113 | 4,307,353 |
Add (less) Movements in Working Capital Items:
| Decrease (Increase) in Tax Receivable | $0 | 42,760 |
| Decrease (Increase) in Receivables | (633,418) | (18,838) |
| Decrease (Increase) in Inventories | (884,091) | (518,954) |
| (Decrease) Increase in Accounts Payable | (2,943,002) | 1,606,568 |
| (Decrease) Increase in Tax Payable | (170,768) | 211,179 |
| | (4,631,279) | 1,322,715 |
Add (less) Items Classified as Investing Activities:
| Prior Year Adjustment | $0 | (43,652) |
| | $0 | (43,652) |
Net Cash Flows from Operating Activities | (972,166) | 5,588,416 |
The decrease in accounts payable reflects payment of two years deferred discount during the reported period. This change in the timing of payment of the deferred discount has had the (one time) effect of reducing the reported Net Cash Flow from Operating Activities by $4,948,042.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 108
Gazette.govt.nz —
NZ Gazette 2002, No 108
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Electricity Ashburton Limited - Lines Business Notes to the Financial Statements
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