New Zealand Gazette – 2004 – No. 165

Page 4086

✨ Financial Statements

Network Tasman Limited

Line Business Financial Statements

Notes to and forming part of the financial statements
For the year ended 31 March 2004

13. Reconciliation of operating surplus after income tax with net cash flows from operating activities

| | 2004
($000) | 2003
($000) |
|------------------------|-----------|-----------|
| Operating surplus after tax | 6,355 | 6,086 |

Add (less) non-cash items and non-operating items: |
| Depreciation | 3,153 | 2,990 |
| Movement in deferred taxation | 38 | 18 |
| Customer contributions | (2,078) | (2,279) |
| Bad debts written-off | 19 | 3 |
| Change in provision for doubtful debts | (2) | 3 |
| Impairment loss to property, plant & equipment | 72 | (17) |
| Movement in capital expenditure in creditors | (164) | (262) |
| Total | 1,038 | 456 |

Movement in working capital: |
| Increase (decrease) in payables and provisions | (558) | 383 |
| (Increase) decrease in receivables | 19 | (42) |
| Increase (decrease) in taxation payable | (8) | (412) |
| Net cash flows from operating activities | 6,848 | 6,471 |

14. Related parties

There were no related party transactions in relation to the following (2003: nil):

Construction of subtransmission assets
Construction of zone substations
Construction of distribution lines and cables
Construction of medium voltage switchgear
Construction of distribution transformers
Construction of distribution substations
Construction of low voltage reticulation
Construction of other system fixed assets
Maintenance of assets
Consumer connections and disconnections

Parent entity

The holding entity of the company is the Network Tasman Trust which holds 100% (2003: 100%) of the company’s shares.

Refer to Note 5 for dividends paid to the holding entity.

Associate company

Network Tasman Limited has a 50% shareholding in Nelson Electricity Limited. Nelson Electricity Limited owns and operates the electricity distribution network in Nelson city.

Transmission costs charged by national grid operator Transpower NZ Limited for connection by Nelson Electricity Limited to the national grid are on-charged, at cost, by Network Tasman Limited to Nelson Electricity Limited.

VUW Te Waharoa — NZ Gazette 2004, No 165

Gazette.govt.nz — NZ Gazette 2004, No 165

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

💰 Network Tasman Limited Line Business Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
Dated1 December 2004
KeywordsFinancial Statements, Operating Surplus, Cash Flows, Related Parties, Network Tasman Limited

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