✨ Financial Disclosure Details
3674 NEW ZEALAND GAZETTE No. 152
b) Associate Companies
These are companies in which the group holds substantial shareholdings and exercises significant influence in commercial and financial policy decisions.
Associate companies have been reflected in the consolidated financial statements on an equity accounting basis which shows the group’s share of profits in the consolidated statement of financial performance and its share of post acquisition increases or decreases in net assets, in the consolidated statement of financial position.
c) Fixed Assets
The capital value of fixed assets is the value at either Optimised Depreciated Replacement Cost (ODRC), economic value or cost.
Valuations were completed by Coopers and Lybrand Independent Consultants. These valuations are recorded in the financial statements at the date of valuation being 31 March 1998. Assets are recorded as follows:
- Electricity and gas network assets of the company - ODRC
- The five generating stations owned by the company - Economic value.
The capital values of all other assets are recorded at cost.
d) Depreciation of Fixed Assets
Depreciation rates for major classes of asset are:
| Asset Class | Depreciation Rate |
|---|---|
| Land | Not Depreciated |
| Buildings | 1% SL |
| Furniture and Fittings | 10% to 20% DV |
| Office Equipment | 10% to 33% DV |
| Motor Vehicles | 20% DV |
| Network Systems and Generation | 1.8% to 2% SL and 5% to 14.4% DV |
These rates were revised as at 31 March 1998 in conjunction with the revaluation of fixed assets as at that date. The revised rates which will be applicable from 1 April 1998 are in accordance with industry guidance as to best practice.
e) Receivables
Accounts receivable are valued at expected realisable value, after providing for doubtful debts. All known bad debts have been written off during the period under review.
f) Income Tax
The income tax expense charged to the Statement of Financial Performance includes both the current year's expense and the income tax effect of timing differences using the liability method on a comprehensive basis.
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1998, No 152
NZLII —
NZ Gazette 1998, No 152
✨ LLM interpretation of page content
🏭
Powerco Limited Gas Information Disclosure
(continued from previous page)
🏭 Trade, Customs & Industry20 August 1998
Gas, Information Disclosure, Regulations, Powerco Limited, Financial Statements, Certification