β¨ Financial Report
The latest Government valuations of freehold land total $37,531 million (1997: $27,302 million)
The latest Government valuations of buildings total $27,928 million (1997: $25,222 million)
The directors consider the latest Government valuations to be indicative of the fair value of the assets.
16. ODV REVALUATION
| ODV revaluation | 1998 Line Activities $000 | 1997 Line Activities $000 |
|---|---|---|
| ODV 31 March 1997 | ||
| - As audited | 783,495 | 765,746 |
| - Restatement adjustment | (3,139) | 746 |
| 780,356 | 765,746 | |
| Movement in net book value | 38,816 | 15,863 |
| ODV revaluation / (devaluation) | (62,626) | 1,886 |
| ODV 31 March 1998 | 756,546 | 783,495 |
ODV revaluation reserve
| $000 | |
|---|---|
| Balance 31 March 1997 | 482,605 |
| ODV revaluation / (devaluation) | (62,626) |
| 419,979 |
17. SHARES IN SUBSIDIARIES
| Significant subsidiaries | Percentages Held | Balance Date |
|---|---|---|
| 1998 | 1997 | |
| Mercury Generation Ltd | 100% | 100% |
| - MEL Silversream Ltd | 100% | 100% |
| - MEL Stratford Ltd | 100% | 100% |
| - MEL Southdown Ltd | 100% | 100% |
| Mercury Network Ltd | 100% | 100% |
| - Mercury Geotherm Ltd | 65.12% | 55.82% |
| - Poihipi Land Ltd | 65.12% | 55.82% |
| Caduceus Equities No 1 Ltd | 100% | 100% |
| Non trading subsidiaries | Percentages Held | Balance Date |
|---|---|---|
| 1998 | 1997 | |
| Mercury Power Ltd | 100% | 100% |
| Auckland Electricity Ltd | 100% | 100% |
| Auckland Energy Ltd | 100% | 100% |
| Energy North Ltd | 100% | 100% |
The principal activity of the subsidiaries is the generation and/or sale of electricity.
28 SEPTEMBER
THE NEW ZEALAND GAZETTE, 3851
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VUW Te Waharoa —
NZ Gazette 1998, No 160
NZLII —
NZ Gazette 1998, No 160
β¨ LLM interpretation of page content
π°
Fixed Assets Report for 1998 and 1997
(continued from previous page)
π° Finance & RevenueFixed Assets, Financial Report, Electricity, Generation, Distribution, Line Activities, Retailing, Other Activities, Freehold Land, Buildings, Plant, Equipment, Depreciation, ODV