3362

NEW ZEALAND GAZETTE

No. 125

CENTRALINES LIMITED - LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDING 31 MARCH 2003

12 Operating expenditure

a Payment for transmission charges | 2,181 | 2,004 |
b Transfer payments to the "Other" business for:

(i) Asset maintenance | 556 | 534 |
(ii) Consumer disconnection/reconnection services | 0 | 0 |
(iii) Meter data | 0 | 0 |
(iv) Consumer-based load control services | 0 | 0 |
(v) Royalty and patent expenses | 0 | 0 |
(vi) Avoided transmission charges on account of own generation | 0 | 0 |
(vii) Other goods and services not listed in (i) to (vi) above | 27 | 0 |

(viii) Total transfer payment to the "Other" business | 583 | 534 |

c Expense to entities that are not related parties for:

(i) Asset maintenance | 222 | 376 |
(ii) Consumer disconnection/reconnection services | 0 | 0 |
(iii) Meter data | 2 | 18 |
(iv) Consumer-based load control services | 0 | 0 |
(v) Royalty and patent expenses | 0 | 0 |

Total of specified expenses to non-related parties (sum of (i) to (v)) | 224 | 394 |

d Employee salaries, wages and redundancies | 130 | 121 |
e Consumer billing and information system expense | 0 | 0 |

f Depreciation on:
(i) System fixed assets | 1,013 | 598 |
(ii) Other assets not listed in (i) | 3 | 2 |
(iii) Total depreciation | 1,016 | 600 |

g Amortisation of:
(i) Goodwill | 0 | 0 |
(ii) Other intangibles | 0 | 0 |
(iii) Total amortisation of intangibles | 0 | 0 |

h Corporate and administration | 208 | 157 |
i Human resource expenses | 8 | 0 |
j Marketing/advertising | 81 | 45 |
k Merger and acquisition expenses | 0 | 0 |
l Takeover defense expenses | 0 | 0 |
m Research and development expenses | 0 | 7 |
n Consultancy and legal expenses | 8 | 31 |
o Donations | 0 | 1 |
p Directors' fees | 85 | 68 |

q Auditors' fees
(i) Audit fees paid to principal auditors | 29 | 28 |
(ii) Audit fees paid to other auditors | 0 | 23 |
(iii) Fees paid for other services provided by principal and other auditors | 11 | 16 |
(iv) Total auditors' fees | 40 | 67 |

r Costs of offering credit
(i) Bad debts written off | 0 | 0 |
(ii) Increase in estimated doubtful debts | 0 | 0 |
(iii) Total cost of offering credit | 0 | 0 |

s Local authority rates expense | 0 | 0 |
t AC loss-rentals (distribution to retailers/customers) expense | 0 | 0 |
u Rebates to consumers due to ownership interest | 1,430 | 3,067 |
v Subvention payments | 0 | 0 |
w Unusual expenses | 0 | 0 |
x Other expenditure not listed in (a) to (w) | 206 | 246 |

13 Total operating expenditure | 6,201 | 7,342 |

14 Operating surplus before interest and income tax | 2,048 | 324 |

15 Interest expense

a Interest expense on borrowings | 0 | 0 |
b Financing charges related to finance leases | 5 | 0 |
c Other interest expense not listed in (a) or (b) | 2 | 27 |
d Total interest expense | 7 | 27 |

16 Operating surplus before income tax | 2,042 | 297 |

17 Income tax | 726 | 179 |

18 Net surplus after tax | 1,316 | 118 |