New Zealand Gazette – 1998 – No. 156

Page 3727

✨ Financial Statements



23 SEPTEMBER NEW ZEALAND GAZETTE 3727

BAY OF PLENTY ELECTRICITY LIMITED

Special Purpose Financial Statements

Electricity (Information Disclosure) Regulations 1994

Notes to the Financial Statements

for the 12 Months ended 31 March 1998
16 Fixed Assets (Continued)

Current government valuations for non-generation land and buildings are $3.9 million (1997 $4.2 million). The valuations are dated October 1995 and September 1997.

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 Consultants 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
1998
Land Improvements 3-40
Generation Structures 25-100
Other Buildings 40-100
Distribution System 15-70
Generation Plant 25-100
Plant and Equipment 2-10
Motor Vehicles 5-10
Furniture and Fittings 10

All assets are depreciated on a straight line basis.



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

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Electricity, Financial Statements, Bay of Plenty, Regulations, Revenue, Operating Expenses, Surplus, Taxation, Share Capital, Reserves, Dividends, Investments