New Zealand Gazette – 2002 – No. 123

Page 3298

✨ Financial Statements



HAWKE'S BAY NETWORK LIMITED - LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

For The Year Ended 31 March 2002

15 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.

2002 2001
$000 $000
(q) Auditors' fees:
(i) Audit fees paid to principal auditors: 23 33
(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: 27 37

| (r) Costs of offering credit: | | |
| (i) Bad debts written off: | 40 | 98 |
| (ii) Increase in estimated doubtful debts: | 11 | -38 |
| (iii) Total cost of offering credit: | 51 | 0 |

| (s) Local authority rates expense: | 68 | 94 |

| (t) AC loss-rentals (distribution to retailers/customers) expense: | 2,512 | 2,718 |

| (u) Rebates to consumers due to ownership interest: | 7,070 | 3,877 |

| (v) Subvention payments: | 0 | 0 |

| (w) Unusual expenses: | 40 | 933 |

| (x) Other expenditure not listed in (a) to (w) | 525 | 231 |
| Total operating expenditure: | 10,816 | 7,913 |

| Total operating expenditure | 33,613 | 33,486 |

| Operating surplus before interest and income tax | 775 | 3,678 |

| Interest expense: | | |
| (a) Interest expense on borrowings | 0 | 0 |
| (c) Financing charges related to finance leases | 0 | 0 |
| (d) Other interest expense | 60 | 80 |
| Total interest expense: | 60 | 80 |

| Operating surplus before income tax | 715 | 3,618 |

| Income tax | (494) | 954 |

| Net Surplus after Tax | 1,209 | 2,654 |

16 SEGMENT INFORMATION

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

17 PROPERTIES INTENDED FOR SALE

2002 2001
$000 $000
Buildings 784 953
Land 549 549
Total Properties intended for Sale 1,313 1,502

These properties are now included in Current Assets as at 31 March 2002 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 2002. These valuations were based on market value on an existing use basis as at 31 March 2000. The Directors consider this to reflect fair value.

18 EMPLOYEE ENTITLEMENTS

Employee entitlements expected to be taken within the 12 months following Balance Date are recorded as Current Liabilities. All other Employee Entitlements are recorded as Term Liabilities.

19 EVENTS SUBSEQUENT TO BALANCE DATE

There have been no known events post 31 March 2002 that would have a material impact on the operation of the Company.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 123


Gazette.govt.nz — PDF NZ Gazette 2002, No 123




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Operating Revenue, Operating Expenditure, Hawke's Bay Network Limited