New Zealand Gazette – 2003 – No. 116

Page 3164

✨ Financial Statements



Notes to and Forming Part of the Financial Statements

For the Year Ending 31 March 2002

POWERCO

GAS DIVISION

7 Working Capital Advances Facility

As Powerco Limited is an integrated business, this disclosure relates to the business as a whole for up to $15 million. As at 31 March 2003, no funds were drawn down on the facility and $15,257 million was invested in call funds (2002: investment of $0.035 million). The facility is based on a revolving credit arrangement and as such does not have set repayment dates. The facility expires on 31 July 2003 but is subject to automatic renewal for a further period. The facility is unsecured and is subject to a negative pledge deed and the guaranteeing subsidiaries referred to in Note 5 above.

8 Property, Plant & Equipment

Property, Plant and Equipment as at 31 March 2003

2003 2002
$'000 $'000
Information Systems
Capital value - 1,451
less Accumulated depreciation - 78
- 1,373
Network Systems
Capital value 409,642 95,353
less Accumulated depreciation 10,696 3,249
398,946 92,104
Work in Progress 1,151 359
Total Property, Plant and Equipment 400,097 93,836

Network assets with a book value of $222,945,919 were purchased on 1 November 2002 from United Networks Limited.

9 Operating Revenue and Expenditure

Operating Revenue for the year ended 31 March

2003 2002
$'000 $'000
Comprises:
Line charge revenue 29,254 15,463
Interest revenue 590 102
Other revenue - -
29,844 15,565

Expenditure

2003 2002
$'000 $'000
Operating Surplus Before Taxation for the year ended 31 March (4,134) (312)

Specific disclosures | | |
| Repairs and maintenance costs | 5,522 | 3,723 |
| Human resource costs | 136 | 178 |
| Depreciation on system assets | 6,530 | 2,878 |
| Bad debts | 47 | 1 |
| Interest expense | 16,489 | 6,721 |
| Corporate & administration | 2,855 | 1,142 |
| Marketing & advertising | 261 | 96 |
| Consulting & legal expenses | 260 | 60 |
| | | |
| Total expenditure | 33,978 | 15,878 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 116


Gazette.govt.nz — PDF NZ Gazette 2003, No 116




✨ LLM interpretation of page content

🏭 Powerco Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Working Capital, Property, Plant, Equipment, Operating Revenue, Expenditure