New Zealand Gazette – 2003 – No. 90

Page 2335

✨ Financial Statements

4 AUGUST NEW ZEALAND GAZETTE 2335

HORIZON ENERGY DISTRIBUTION LIMITED - Lines Business

NOTES TO THE FINANCIAL STATEMENTS

20 SEGMENTAL

The Company operates predominantly in one industry, the distribution of electricity. Its operations are carried out solely in New Zealand and are therefore within one geographical segment for reporting purposes.

21 CONTINGENT LIABILITIES

In March 1999, as part of the sale of the Kapuni Generation assets, the Company assigned its rights under a long term contract for the purchase of electricity and remains contingently liable to purchase this electricity until the end of the contract (2008 - plus option to renew for a further 9 years) should the purchasers fail to perform their obligations under the contract.

22 EVENTS OCCURRING AFTER BALANCE DATE

On 15 May 2003 the Directors declared a final dividend of 11 cents per ordinary share. As this event occurred after balance date the financial effect has not been recognised in the financial statements.

VUW Te Waharoa — NZ Gazette 2003, No 90

Gazette.govt.nz — NZ Gazette 2003, No 90

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Financial Statements for Horizon Energy Distribution Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Segmental Reporting, Contingent Liabilities, Events After Balance Date, Dividends

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