✨ Financial Statements and Asset Valuation
11.1 Table of Fixed Assets
| 1995/96 | 1994/1995 | |||||
|---|---|---|---|---|---|---|
| MONOPOLY BUSINESS | GENERATION | COMPETITIVE BUSINESS | TOTAL BUSINESS | MONOPOLY BUSINESS | GENERATION | |
| (Network) | (Energy Trader) | (Network) | ||||
| $ | $ | $ | $ | $ | $ | |
| Plant and Equipment | 1,108,988 | 78,412 | 943,567 | 2,130,967 | 997,535 | 40,088 |
| Less Depreciation | (804,777) | (18,269) | (549,298) | (1,372,344) | (587,832) | (11,084) |
| 304,211 | 60,143 | 394,269 | 758,623 | 409,703 | 29,004 | |
| Motor Vehicles | 372,245 | 945,244 | 1,317,489 | 363,309 | ||
| Less Depreciation | (253,183) | (646,747) | (899,930) | (234,963) | ||
| 119,062 | 298,497 | 417,559 | 128,346 | |||
| Capital Work in Progress | 165,366 | 477,544 | 642,910 | 18,844,043 | ||
| Total | 17,309,121 | 18,580,425 | 692,766 | 36,582,312 | 17,331,585 |
11.2 Valuation
The most recent Government valuation of land and improvements was undertaken as at September 1993 and resulted in the following values being ascribed to properties owned by Marlborough Electric:
| Land | Improvements | |
|---|---|---|
| Hydro Electric Stations | $277,500 | $15,037,500 |
| Other properties | $1,129,650 | $4,150,800 |
| Total | $1,407,150 | $19,188,300 |
The table has been adjusted for the purchase and disposal of property since September 1993.
12. CAPITAL CONTRIBUTIONS
Customer capital contributions totalling $91,207 (1995 $59,324) were credited against the cost of reticulation assets during the year. As at 31 March 1996 the accumulated value of such contributions credited to fixed assets was $1,939,122. (1995 $1,847,915).
13. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
Capital commitments as at 31 March 1996 total $2,794,000. (1995 $59,324)
Included in this total are commitments to purchase turbine, generator and transformer equipment in Sweden and Australia as at 31 March 1996. This equipment is part of an upgrade in progress at the Waihopai Power Station. The value of forward exchange commitments in respect of these contracts is detailed in Note 14.
The Company has an obligation to meet retirement gratuities for some of its employees. Actual payment is consequential upon retirement. These payments are expensed as they fall due. The cost in any one year is not considered material. Apart from this there are no other contingent liabilities. (1995 nil)
14. FINANCIAL INSTRUMENTS
14.1 Fair Value
The carrying value of cash and bank balance is equivalent to their fair value.
Information on the fair values of other financial instruments recognised in the financial statements is included in the relevant notes to the financial statements.
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VUW Te Waharoa —
NZ Gazette 1996, No 97
NZLII —
NZ Gazette 1996, No 97
✨ LLM interpretation of page content
💰
Table of Fixed Assets
(continued from previous page)
💰 Finance & RevenueFixed Assets, Plant and Equipment, Motor Vehicles, Depreciation, Capital Work in Progress
💰 Valuation of Land and Improvements
💰 Finance & RevenueLand Valuation, Improvements, Hydro Electric Stations, Property Values
💰 Customer Capital Contributions
💰 Finance & RevenueCapital Contributions, Reticulation Assets, Financial Statements
💰 Capital Commitments and Contingent Liabilities
💰 Finance & RevenueCapital Commitments, Contingent Liabilities, Equipment Purchase, Retirement Gratuities
💰 Fair Value of Financial Instruments
💰 Finance & RevenueFinancial Instruments, Fair Value, Cash and Bank Balance