New Zealand Gazette – 1997 – No. 165

Page 3929

✨ Financial Statements, Transpower



26 NOVEMBER NEW ZEALAND GAZETTE 3929

TRANS POWER NEW ZEALAND LIMITED

REGULATION 13.14 AND PART II OF THE FIRST SCHEDULE OF THE

ELECTRICITY (INFORMATION DISCLOSURE) REGULATIONS 1994

Optimised Deprival Value - ODV

12 months 30 June 1997 12 months 30 June 1996 12 months 30 June 1995 15 Months 30 June 1994
Valuation of the line business assets per the ODV Valuation Report 2,838,800,000 2,864,400,000 2,863,000,000 2,839,100,000
Fixed Asset value disclosed in the Statement of Financial Position for Information (Industry Disclosure) Regulation purpose 2,853,366,000 2,878,551,000 2,873,570,000 2,870,405,000
Variance represented by: 14,566,000 14,151,000 10,570,000 31,305,000

(i) Spares are included in the definition of fixed assets for financial reporting purposes but are excluded from the ODV Report.

| | 13,468,000 | 13,066,000 | 6,666,000 | 13,100,000 |

(ii) Late adjustments of an immaterial nature to the ODV valuation have not been adjusted for in the financial statements as at the end of the financial period, but are reflected in the result for the following period.

| | 1,098,000 | 1,095,000 | 3,904,000 | - |

(iii) On 1 July 1994, Transpower changed its accounting policy to modified historical cost using the ODV valuation methodology. The $18 million difference arising between net book value and the ODV as at 30 June 1994 reflects the difference which arose between 1 April 1987, when the asset valuation was originally struck for entry into Transpower's financial statements, and 30 June 1994. It was not considered appropriate to include this adjustment solely in the results for the 12 months ended 30 June 1994.

| | | | | 18,205,000 |

Total Variance:

| | 14,566,000 | 14,161,000 | 10,570,000 | 31,305,000 |



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🏭 Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Instruments, Fair Value, Cross Currency Interest Rate Swaps, Foreign Exchange Forward Contracts, Interest Rate Swaps, Forward Rate Agreements, Interest Rate Options, Foreign Currency Options, Subsidiary Companies, Associate Companies, Transpower New Zealand Limited, Financial Performance Measures, Accounting return on total assets, Earnings before interest and tax, Average total funds employed, Accounting return on equity, Net profit after tax, Average total shareholders funds, Accounting rate of profit, Efficiency performance measures, Direct line costs per kilometre, Direct expenditure, System length, Optimised Deprival Value, ODV, Valuation, Fixed Assets, Spares, Accounting Policy, Modified Historical Cost, Net Book Value