New Zealand Gazette – 2003 – No. 163

Page 4550

✨ Financial Statements Notes



2.4 NOTES TO THE FINANCIAL STATEMENTS

6 months to 30 Jun 2003 ($000) 12 months to 31 Dec 2002 ($000)
1 Revenue includes
Interest income - -
Net surplus from sale of Central North Island gas assets - 7,028

2 Continuing and discontinued activities

Continuing activities

6 months to 30 Jun 2003 ($000) 12 months to 31 Dec 2002 ($000)
Revenue 21,095 45,088
Earnings before interest and tax 10,563 21,965
Net profit / (loss) after tax (1,748) (994)

Discontinued activities

6 months to 30 Jun 2003 ($000) 12 months to 31 Dec 2002 ($000)
Revenue - 30,309
Earnings before interest and tax - 20,793
Net profit / (loss) after tax - 5,277

Totals

6 months to 30 Jun 2003 ($000) 12 months to 31 Dec 2002 ($000)
Revenue 21,095 75,397
Earnings before interest and tax 10,563 42,758
Net profit / (loss) after tax (1,748) 4,283

3 Sale of Central North Island gas businesses

In November 2002 UnitedNetworks sold and settlement was made for its Central North Island gas assets. The purchaser was PowerCo Limited.

6 months to 30 Jun 2003 ($000) 12 months to 31 Dec 2002 ($000)
Proceeds from sale of Central North Island gas assets - 217,850
Less: Net book value of assets sold - (210,418)
Profit on sale of assets at net book value - 7,432
Less: Professional fees - (404)
Net surplus - 7,028

4 Expenditure includes

6 months to 30 Jun 2003 ($000) 12 months to 31 Dec 2002 ($000)
Audit fees - KPMG 20 -
Other fees paid to auditors - Ernst & Young - 52
Net interest and financing fees on borrowings 11,149 36,689
Depreciation
- Distribution system assets 2,015 6,924
- Plant, vehicles and equipment 127 296
- Buildings - -
Bad debts written off/(recovered) 124 (189)
Increase in doubtful debts provision - 143
Lease and rental 33 83
Amortisation of goodwill 4,430 13,958


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 163


Gazette.govt.nz — PDF NZ Gazette 2003, No 163




✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for UnitedNetworks Limited (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Financial Statements, UnitedNetworks Limited, Accounts Receivable, Employee Entitlements, Financial Standards Reporting Board, FRS 3, Property Plant Equipment, Financial Year Change