21 JANUARY 2005 NEW ZEALAND GAZETTE, No. 25 603

Note 4. Sundry Debtors

| | 2004
$000's | 2003
$000's |
|------------------------|---------------|---------------|
| Line Charge & Sundry Debtors | 1,452 | 2,085 |

Note 5. Fixed Assets

| | Cost/
Valuation
$000's | Accumulated
Depreciation
$000's | Book Value
2004
$000's | Book Value
2003
$000's |
|------------------------|----------------------------|-------------------------------|-------------------------|-------------------------|
| At Cost: | | | | |
| Distribution System | 0 | 0 | 0 | 272 |
| Land and Buildings | 0 | 0 | 0 | 0 |
| Other | 392 | 116 | 276 | 271 |
| Capital Work In Progress | | | | |
| | 392 | 116 | 276 | 543 |

| At Valuation: | | | | |
| Distribution System | 59,763 | 0 | 59,763 | 54,799 |
| Land and Buildings | 1,652 | 0 | 1,652 | 478 |
| | | | | |
| Total | 61,807 | 116 | 61,691 | 55,820 |

The fair value of land and buildings is equivalent to the net book value being market value as at 31 March 2004. Carrying value is considered an accurate reflection of fair value.

Note 6. Borrowings

| | 2004
$000's | 2003
$000's |
|------------------------|---------------|---------------|
| Term Liabilities - Repayable 1-2 years | 2,500 | 3,250 |
| - Repayable 2-5 years | 402 | 0 |
| - Repayable later than 5 years | 0 | 402 |
| | 2,902 | 3,652 |

Loans are secured as follows:
Short Term Advance Facility $13,000,000 *
| | 2,500 | 3,250 |
| Various (No Security) | 402 | 402 |
| | 2,902 | 3,652 |

The National Bank Short Term Advance facility is due to roll over for one year on 31 July 2004. The roll over of this facility is at the discretion of the bank. The Company expects that this loan will be rolled over for at least another year.

The interest rates payable on these loans are:
Floating Rate - based on 90 day bill rate
Fixed Rates 5.77% - 10.5%