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New Zealand Gazette – 1998 – No. 193

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✨ Financial Statements Notes

4534 NEW ZEALAND GAZETTE No. 193

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1998

(h) Depreciation

Depreciation of non infrastructure fixed assets is calculated using the straight line method to allocate the cost or valuation of the fixed assets over their expected useful lives, after due allowance for their expected residual value. The estimated economic lives are as follows:

Freehold buildings ... 20-25 years
Substations ... 25-55 years
HVDC link ... 30 years
HVDC leased assets ... 30 years
Communications ... 10-25 years
Minor assets ... 3-10 years

(i) Leased Assets

The Transpower Group leases certain plant, equipment, land, and buildings.

Finance leases effectively transfer substantially all of the risks and benefits incidental to the ownership of the leased item to the entity. Assets acquired by means of a finance lease are capitalised at the lower of the fair value of the asset or the present value of the minimum lease payments. Leased assets are depreciated over their economic lives. A corresponding liability is also established at the inception of each lease and each lease payment is allocated between the liability and finance costs.

Under operating leases all the risks and benefits of ownership are effectively retained by the lessor. Operating lease payments are representative of the pattern of benefits derived from the leased assets and are accordingly recognised in the Statements of Financial Performance as expenses, in the period in which they are incurred.

(j) Statements of Cash Flows

The following are the definitions of the terms used in the Statements of Cash Flows:

(i) Cash and bank means coins, notes and demand deposits. Cash includes liabilities which are the negative form of the above, such as the bank overdraft.

(ii) Operating activities comprise the transmission of bulk electricity, wholesale market services and related support, maintenance, administration and interest costs.

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VUW Te Waharoa — NZ Gazette 1998, No 193

NZLII — NZ Gazette 1998, No 193

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✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Notes to the Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsDepreciation, Leased Assets, Cash Flows, Financial Reporting, Asset Valuation

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