New Zealand Gazette – 2005 – No. 144

Page 3523

✨ Financial Statements Notes



29 AUGUST 2005 NEW ZEALAND GAZETTE, No. 144 3523

Alpine Energy Limited Lines Business

Notes to and Forming Part of the Financial Statements - Continued

for the Year Ending 31 March 2005

4. Contingent Liabilities

In respect of the business activities being reported on, the Company has no contingent liabilities as at 31 March 2005 (2004 nil).

5. Capital Commitments

In respect of the business activities being reported on, the Company has capital commitments amounting to $1,578,344 as at 31 March 2005 (2004 $6,508,807).

6. Financial Instruments

a) Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of bank deposits and accounts receivable. The maximum credit risk is the book value of these financial instruments however, the Company considers the risk of non recovery of these amounts to be minimal.

The Company places its cash and bank deposits with high credit quality financial institutions and limits the amount of credit exposure to any one financial institution.

The Company continually evaluates and monitors the credit quality of its customers. There is a concentration of credit risk in relation to activities with associated entities. This risk is managed indirectly through appointments to the governing bodies of these associated entities.

b) Fair Value

The carrying value of cash and bank deposits, accounts receivable and accounts payable is equivalent to their fair value.

7. Reconciliation Of Operating Surplus With Cash Flows From Operating Activities

2005 $ 2004 $
Operating Surplus After Income Tax 6,193,080 7,730,245
Add/ (Deduct) Non Cash Items
Depreciation 3,611,447 3,229,174
Deferred Tax 1,147,037 1,978,686
10,951,564 12,938,105
Add/ (Deduct) Movements in Working Capital
(Increase)/Decrease in Debtors 18,860 52,160
Increase/(Decrease) in Creditors 367,058 (366,395)
Increase/(Decrease) in Provision for Tax 20,790 891,937
406,708 577,702
11,358,272 13,515,807

8. Related Party Transactions

Associated Entity: Networks South Limited (excl GST)

Networks South Limited is 50% owned by Alpine Energy Limited and provided administrative, engineering and planning functions for the network from 1 April 2003 to 31 March 2005. These services are charged on a fixed contract basis.

During the period, this charge totalled $3,671,601 (2004 $3,254,518). The outstanding amount as at 31 March 2005 was $185,774 (2004 $85,304) payable on normal commercial terms.

No debts were written off or forgiven and no transactions took place at nil or nominal value.

Transactions do not relate to the categories specified in the Regulations except 'Maintenance of Assets' which totalled $1,848,334 in 2005 (2004 $1,923,805).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 144


Gazette.govt.nz — PDF NZ Gazette 2005, No 144




✨ LLM interpretation of page content

🏭 Alpine Energy Limited Lines Business Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Contingent Liabilities, Capital Commitments, Financial Instruments, Credit Risk, Operating Surplus, Related Party Transactions, Alpine Energy Limited