New Zealand Gazette – 2005 – No. 116

Page 2793

✨ Financial Statements



3 AUGUST 2005

NEW ZEALAND GAZETTE, No. 116

2793

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (Continued)

Line Business
2005 2004
$000's $000's
  1. Reconciliation of Net Surplus After Taxation with Cash Inflow from Operating Activities:

Net Surplus After Taxation | | 8,276 | 6,394 |

Add (less) Non Cash Items:
Depreciation | | 3,954 | 3,547 |

Movements in Working Capital:
Increase (Decrease) in Creditors | | (1,060) | 1,392 |
(Increase) Decrease in Taxation Refund | | (320) | 198 |
(Increase) Decrease in Accounts Receivable | | 153 | 191 |
(Increase) Decrease in Inventory | | (36) | (26) |

Net Cash Flow from Operating Activities | | $10,967 | $11,696 |

  1. Financial Instruments:
    Financial Instruments which potentially subject the company to credit risk principally consist of cash bank balances, short term deposit, and accounts receivable. Northpower does not generally require collateral from customers.

Northpower places its cash and short term deposits with high credit quality financial institutions (A1 or better), and limits the amount of credit exposure to any one institution, in accordance with Company policy.

The fair value of all financial instruments is approximated by the carrying value recorded in the Statement of Financial Position.

  1. Segment Information:
    Northpower Ltd operates predominantly in the electricity network industry within the Northland area. Therefore, there is no segmental information.

  2. Contingent Liabilities:
    There are no contingent liabilities (2004 $Nil)

  3. Commitments:

2005 2004
- 0
  1. Related Parties:
    Provision has been made in the accounts for payment of a final dividend to Northpower Electric Power Trust of $4,095,000 (2004 $3,512,000) and as at 31 March 2005 the amount owing to the Trust is $4,095,000 (2004 $3,512,000).

The Northpower Electric Power Trust is the sole shareholder. All related party transactions with the Northpower Electric Power Trust have been conducted on a commercial and arms length basis.

Northpower’s Contracting Division provided the following services to the Network Division, for the full year, at cost, including overheads:

Services 2005 2004
(i) Maintenance of Assets 3,234 2,934
(ii) Consumer disconnections/reconnections 10 15
(iii) Other Services 787 853

Construction of New Assets:

2005 2004
(a) Subtransmission Assets - 3
(b) Zone Substations 465 417
(c) Distribution Lines and Cables 443 748
(d) Medium Voltage Switchgear 29 7
(e) Distribution Transformers 169 288
(f) Distribution Substations - 65
(g) Low Voltage Reticulation 105 18

Network Maintenance and Capital Works are charged in accordance with a Fixed Term Contract.

  • No balance is outstanding at balance date.
  • No amounts have been written off or forgiven during the year.
  • No transactions have been made at nil or nominal value.


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 116


Gazette.govt.nz — PDF NZ Gazette 2005, No 116




✨ LLM interpretation of page content

🏭 Notes to and Forming Part of the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Notes, Northpower Ltd, Operating Activities, Financial Instruments, Segment Information, Contingent Liabilities, Commitments, Related Parties