✨ Financial Reports
28 NOVEMBER 2008 NEW ZEALAND GAZETTE, No. 186 4891
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
21. Capital and Reserves
LINES BUSINESS
| Contributed capital | Retained earnings | Available for sale reserve | Total equity | |
|---|---|---|---|---|
| $000 | $000 | $000 | $000 | |
| Balance at 1 July 2006 | 1,200,000 | (233,299) | 9 | 966,710 |
| Fair value movement on Fonterra shares | - | - | - | - |
| Deferred tax recognised directly in equity | - | - | 304 | 304 |
| Total recognised income and expense | - | 186,491 | (91) | 186,400 |
| Balance at 30 June 2007 | 1,200,000 | (46,808) | 222 | 1,153,414 |
| Fair value movement on Fonterra shares | - | - | (861) | (861) |
| Deferred tax recognised directly in equity | - | - | 258 | 258 |
| Total recognised income and expense | - | 80,205 | - | 80,205 |
| Balance at 30 June 2008 | 1,200,000 | 33,397 | (381) | 1,233,016 |
Capital
Transpower has contributed paid in capital of $1,200,000,000 (2007: $1,200,000,000) issued and fully paid ordinary shares, which confer on the holders the right to vote at any annual general meeting of Transpower. This consists of 1,200,000,000 fully paid $1 shares. The shares have no par value. All ordinary shares rank equally.
Dividends
There were no dividends paid or declared during the period (2007: nil)
Management of Capital
Dividends will not be payable in the short term. This is due to dividends being paid when there is "surplus funds". Surplus funds is determined by reference to a sustainable financial structure, having regard to Transpower's credit rating, predictions of short and medium term economic conditions, the medium term capital expenditure programme and working capital requirements. Transpower is currently undertaking a large capital works programme which is being funded from debt and existing reserves.
Available for Sale Reserve
This reserve comprises the cumulative net change in the fair value of available for sale financial assets until the investment is derecognised.
22. Segment Reporting
The Transpower Lines Business operates predominantly in one segment, the transmission of high voltage electricity in New Zealand.
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NZ Gazette 2008, No 186
✨ LLM interpretation of page content
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Transpower New Zealand Limited Lines Business Provisions
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Reports, Capital, Reserves, Dividends, Equity
🏭 Segment Reporting for Transpower Lines Business
🏭 Trade, Customs & IndustrySegment Reporting, High Voltage Electricity, Transmission