✨ 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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✨ LLM interpretation of page content

πŸ’° Fixed Assets Report for 1998 and 1997 (continued from previous page)

πŸ’° Finance & Revenue
Fixed Assets, Financial Report, Electricity, Generation, Distribution, Line Activities, Retailing, Other Activities, Freehold Land, Buildings, Plant, Equipment, Depreciation, ODV