New Zealand Gazette – 2003 – No. 108

Page 2842

✨ Financial Statements



2842 NEW ZEALAND GAZETTE No. 108

  1. Property, Plant and Equipment
Cost or Valuation Accumulated Depreciation 31.3.2003 31.3.2002
$000 $000 $000 $000
System Fixed Assets 172,638 12,107 160,531 158,840
Customer Billing & Information System Assets 2,772 2,750 22 4
Motor Vehicles 9 5 4 11
Office Equipment 1,491 1,089 402 425
Land & Buildings 486 170 316 340
Plant & Equipment 674 427 247 313

Total Property, Plant and Equipment | 178,070 | 16,548 | 161,522 | 159,933 |

Directors consider book value to be an indication of the fair value of Land and Buildings.

  1. Accounts Payable and Provisions
31 March 2003 31 March 2002
$000 $000
Accounts Payable and Accruals 3,294 3,548
Provision for Employee Entitlements 126 129

Total Accounts Payable and Provisions | 3,420 | 3,677 |

  1. Reconciliation of Net Surplus After Taxation with Cashflow from Operating Activities
Net Surplus After Tax 492 1,121

Add Non Cash Items

| Depreciation and Loss on Sale | 7,533 | 7,647 |
| Movement in Deferred Tax | - | (492) |

| | 8,025 | 8,276 |

Plus/(Less) Movement in Working Capital Items:

| (Increase)/Decrease in Accounts Receivable | 27 | (1,176) |
| Increase in Prepayments | (14) | (26) |
| (Increase)/Decrease in Stock | 232 | (133) |
| Increase/(Decrease) in Provision for Tax | (283) | (276) |
| Increase/(Decrease) in Accounts Payable and Provisions | (257) | (16) |

Net Cash From Operating Activities | 7,730 | 6,649 |

  1. Commitments

Capital Commitments

Easement Agreements

The Power Company Limited has signed easement agreements for the purpose of constructing a line on private property. Compensation values have been agreed with the terms of payment being 50% payment on the signing of the agreement and the remaining 50% payable upon registration of easement on land title. The commitment outstanding at 31 March 2003 is $17,000 (2002 $14,900).

Other Capital Commitments

The Power Company Limited through its joint venture company PowerNet Limited has capital commitments of $70,000 (2002 Nil).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 108


Gazette.govt.nz — PDF NZ Gazette 2003, No 108




✨ LLM interpretation of page content

🏭 Financial Statements of The Power Company Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Property, Plant and Equipment, Accounts Payable, Provisions, Net Surplus, Cashflow, Commitments