New Zealand Gazette – 1997 – No. 126

Page 2970

✨ Financial Statements Notes



NEW ZEALAND GAZETTE

No. 126

BAY OF PLENTY ELECTRICITY LIMITED

Financial Statements for the purposes of

Electricity (Information Disclosure) Regulations 1994

Notes to the Financial Statements

for the 12 months ended 31 March 1997

17 Fixed Assets (Continued)

Current government valuations for non-generation land and buildings are $4.2 million. The valuations are dated October 1995 and September 1994.

The Optimised Deprival Value of the Distribution System (established 31 March 1997) is $67,905,400.

Valuation of Generation and Distribution Assets

Generation and Distribution assets are revalued on a cyclical basis with each class being revalued at least every three years.

Distribution assets were revalued at 31 March 1997. The value adopted is the Optimised Deprival Value of the distribution system as at 31 March 1997. The valuation report was prepared by Worley Consultants Limited (Registered Engineers) in conjunction with Coopers & Lybrand (Chartered Accountants). The valuation was performed in accordance with generally accepted valuation techniques. The Optimised Deprival Value is considered to be equivalent to net current value.

Generation assets were revalued at 31 March 1996 based on a valuation report prepared by Coopers and Lybrand (Chartered Accountants) and independently verified by Leyland Consulting Limited (Registered Engineers). The valuation established reflects the lower of net realisable value or net current value. The valuation has been calculated using net present values of predicted future cash flows, allowing for the benefit of avoided Trans Power New Zealand Limited transmission charges.

Useful lives and Depreciation Methods

Group Useful Lives In Years Useful Lives In Years
Land Improvements 3-40 3-40
Generation Structures 25-100 25-100
Other Buildings 40-100 40-100
Distribution System 15-70 10-50
Generation Plant 25-100 25-100
Plant and Equipment 2-10 2-10
Motor Vehicles 5-10 5-10
Furniture and Fittings 10 10

All assets are depreciated on a straight line basis.



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🏭 Financial Statements for Bay of Plenty Electricity Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Fixed Assets, Valuation, Depreciation, Electricity Generation, Electricity Distribution