New Zealand Gazette – 2003 – No. 3

Page 95

✨ Financial Statements



10 JANUARY NEW ZEALAND GAZETTE 95

Note 3 : Fixed Assets (continued)

Capital work in progress comprises:

2002 2001
$000 $000
Distribution substations 182 249
Low voltage reticulation 1,268 498
Distribution lines and cables 1,277 497
Distribution transformers 118 19
Other 98 197
Total 2,943 1,460

Note 4 : Deferred Tax Liability

2002 2001
$000 $000
Balance at beginning of year 11,356 12,309
Movement from income tax charge 4,989 3,780
Adjustment for prior year deferred tax liability 3,234 (4,733)
Balance at end of year 19,579 11,356

Note 5 : Term Debt

2002 2001
$000 $000
Balance at beginning of year 110,800 112,000
Current year borrowing 3,200 -
Current year repayment - (1,200)
Balance at end of the year 114,000 110,800

The Line Business has a borrowing facility allowing it to draw funds up to $130 million. At year-end $114.0 million had been drawn on the facility. The weighted average interest rate on the advances at 31 March 2002 was 7.05%. The repayment period on the advances is between 2 and 10 years as follows:

$000
1 - 2 years 19,000
2 - 5 years 15,000
5 years and greater 80,000
Total 114,000

Note 6 : Reconciliation of Net Surplus from Operating Activities

2002 2001
$000 $000
Net profit after tax 4,788 5,201
Items not involving cashflows depreciation 8,016 6,285

Impact of changes in working capital items

| (increase)/decrease in accounts receivable | (2,971) | (497) |
| (increase)/decrease in inventories | - | - |
| (increase)/decrease in tax refund | (1,592) | 37 |
| increase/(decrease) in taxation payable | - | - |
| increase/(decrease) in accounts payable | 230 | (1,126) |
| increase/(decrease) in term liabilities | - | - |
| gain on sale of assets | - | - |
| increase/(decrease) in deferred tax liability | 4,989 | 3,780 |
| Net cash inflows/(outflows) from operating activities | 13,460 | 13,680 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 3


Gazette.govt.nz — PDF NZ Gazette 2003, No 3




✨ LLM interpretation of page content

💰 Financial Statements and Equity Movements (continued from previous page)

💰 Finance & Revenue
10 January 2003
Fixed Assets, Capital Work, Deferred Tax, Term Debt, Net Surplus, Operating Activities