New Zealand Gazette – 2005 – No. 4

Page 96

✨ Financial Statements



96 NEW ZEALAND GAZETTE, No. 4 14 JANUARY 2005

  1. Reconciliation of Net Surplus After Taxation with Net Operating Cash Flows
31 March 2004 31 March 2003
$000 $000
Net Surplus After Taxation 3,665 3,743

Plus/(Less) Non Cash Items:
| Depreciation | 1,590 | 1,546 |

Plus/(Less) Items Classified as Investing Activities
| Loss on Sale of Property, Plant and Equipment | - | 1 |
| Gain on Sale of Property, Plant and Equipment | - | - |

Plus/(Less) Movements in Working Capital Items:
| (Increase)/Decrease in Receivables | (75) | 15 |
| (Increase)/Decrease in Stock and Work in Progress | 10 | 116 |
| (Increase)/Decrease in Accounts Payable | (273) | (124) |
| (Decrease)/Increase in Other Current Liabilities | 28 | 23 |
| (Decrease)/Increase in Provision for Taxation | (18) | (79) |

| | (328) | (49) |

| Net Cash Flows from Operating Activities | 4,927 | 5,241 |

  1. Contingent Liabilities

There are no contingent liabilities as at 31 March 2004 (2003: Nil).

  1. Financial Instruments

Off Balance Sheet Financial Instruments -
The Line Business does not have any off balance sheet financial instruments.

Credit Risk
Credit risk is the risk that a third party will default on its obligation to the Line Business, causing the Line Business to incur a loss.

Financial instruments which potentially subject the Line Business to credit risk principally consist of cash, short-term deposits and accounts receivable. Bank deposits are placed with high credit quality financial institutions. The Line Business performs credit evaluations on all customers requiring credit and generally does not require collateral.

Maximum exposures to credit risk at balance date are:

31 March 2004 31 March 2003
$000 $000
Current Account 1,301 273
Short Term Deposits 515 645
Receivables 1,104 1,029
2,920 1,947

The above exposures are net of any recognised provision for losses on these financial instruments.

Concentrations of Credit Risk
The Line Business is exposed to a Concentration of Credit Risk by one significant energy retailer. This entity is considered to be a high quality entity.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 4


Gazette.govt.nz — PDF NZ Gazette 2005, No 4




✨ LLM interpretation of page content

🏭 Electricity Invercargill Limited Line Business Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Net Surplus, Cash Flows, Contingent Liabilities, Financial Instruments