New Zealand Gazette – 1998 – No. 155

Page 3702

✨ Financial Statements and Valuation



NEW ZEALAND GAZETTE

No. 155

MAINPOWER NEW ZEALAND LTD

Lines Business

Notes to and Forming Part of the Financial Statements

For The Year Ended 31 March 1998

  1. Fixed Assets
Assets
B.V. 31.03.98
($000)
Distribution System 28,507
Land 747
Buildings 3,682
Motor Vehicles 287
Plant and Equipment 508
Furniture and Fittings 106
Intangible Assets 10
Total 33,847

Valuation
Revalued land and buildings are stated at net current value as determined by an independent registered valuer, Williams and Associates Ltd, as at the following dates. Movement in the Revaluation Reserve arising from the revaluation of Land and Buildings is as follows:

| Land | March 1998 | 5 |
| Buildings | March 1998 | 460 |

Total Movement in Revaluation Reserve: 465

  1. Optimised Deprival Valuation (ODV)

The Electricity (Information Disclosure) Regulations 1994 ("the Regulations") provide that the lines business of every energy company, established in accordance with the Energy Companies Act 1992, should be valued for regulatory purposes on an ODV basis.

In conjunction with Worley Consultants Ltd, Coopers and Lybrand undertook the valuation exercise and have provided to the Directors of MainPower a certified valuation at 1 April 1997 as follows.

Extract from Coopers & Lybrand ODV Valuation of MainPower’s Lines Business

In summary, we have determined the net notional asset value of the Lines Business of MainPower at $88,166,566. The value is represented by:

$
ODRC of Network System Fixed Assets 82,305,853
Other Fixed Assets @ NBV/Market Value 5,173,325
Net Financial and Other Assets (excl. Cash) 687,388
Total Net Notional Asset Value 88,166,566

The carrying value of the lines business distribution system recorded in MainPower’s Statement of Financial Position (Fixed Assets) at 31 March 1998 amounts to $30.002m compared to the ODV at 1 April 1997 of $82.306m.



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✨ LLM interpretation of page content

🏭 MainPower New Zealand Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Accounting Policies, MainPower

🏭 Fixed Assets of MainPower New Zealand Ltd

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

🏭 Valuation of Land and Buildings

🏭 Trade, Customs & Industry
Valuation, Land, Buildings, Revaluation Reserve

🏭 Optimised Deprival Valuation of MainPower’s Lines Business

🏭 Trade, Customs & Industry
ODV, Valuation, Electricity, Financial Assets