New Zealand Gazette – 2008 – No. 27

Page 597

✨ Financial Statements



18 FEBRUARY 2008 NEW ZEALAND GAZETTE, No. 27

  1. RETAINED EARNINGS / REVALUATION RESERVES

| | 2007
| $000's | 2006
| $000's |
|------------------------------|---------|---------|
| Retained Earnings Balance at Beginning of Year | 23,524 | 18,680 |
| Net Surplus for the Year | 2,947 | 4,994 |
| Dividends | (250) | (150) |
| Retained Earnings Balance at End of Year | 26,221 | 23,524 |

| | | |
| Revaluations Reserve Balance at Beginning of Year | 89,239 | 89,819 |
| Revaluation adjustments | 29,338 | (580) |
| Revaluations Reserve Balance at End of Year | 118,577 | 89,239 |

Total Retained Earnings and Revaluations Reserves | 144,798 | 112,763 |

Infrastructure and property assets were revalued as at 1 April 2006 in accord with the requirements of FRS-3. The revaluation reserve comprises revaluations in the following categories:

2007 2006
Land and Buildings 5,433 4,256
Reticulation System Assets 113,144 84,983
Total 118,577 89,239
  1. ACCOUNTS RECEIVABLE
    The balance of Accounts Receivable comprises:
2007 2006
Network and other trade debtors 1,705 2,262
GST Receivable 415 503
Total 2,120 2,765
  1. INVENTORIES AND WORK IN PROGRESS
2007 2006
Reticulation stock 1,776 1,954
Work in progress 1 30
Total 1,777 1,984
  1. CREDITORS AND ACCRUALS

9.1 In current liabilities the balance of creditors and accruals comprises:

2007 2006
Trade Creditors 2,395 2,048
Employee Entitlements (Annual Leave) 177 160
Total 2,572 2,208

9.2 Employee entitlements in non current liabilities recognises the Company’s liability for retirement gratuities.

  1. TERM LOANS
    The Company operates a term debt facility with the Westpac Banking Group
2007 2006
Facility limit 22m 22m
Maturity date 1 July 2010 1 July 2010
Drawn down 20.5m 18.8m

No security has been issued by Marlborough Lines in respect of the Company’s loans. The interest rate is linked to the 90 Day Bank Bill Rate and interest rate swaps are in place to hedge interest rate risk on $10m. The effective rate at 31 March was 7.46% (2006: 7.02%).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 27


Gazette.govt.nz — PDF NZ Gazette 2008, No 27




✨ LLM interpretation of page content

🏭 Marlborough Lines Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Operating Revenue, Income Tax, Earnings Per Share, Share Capital