New Zealand Gazette – 1999 – No. 125

Page 3005

✨ Financial Statements Notes



17 SEPTEMBER NEW ZEALAND GAZETTE 3005

2.5 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)

For the year ended 31 March 1999

| | At cost
($000) | At valuation
($000) | Accumulated depreciation
($000) | Net carrying value
($000) |
|---|---|---|---|---|

9) Fixed assets summary

1999

  • Freehold land 373 - 6 367
  • Freehold buildings 5,580 - 1,184 4,396
  • Distribution system 582,252 539,118 38,563 1,082,807
  • Plant, vehicles and equipment 30,936 - 17,587 13,349
  • Capital work in progress 22,240 - - 22,240
    641,381 539,118 57,340 1,123,159

1998

  • Freehold land 430 - 5 425
  • Freehold buildings 6,029 - 1,196 4,833
  • Distribution system 43,001 566,157 19,371 589,787
  • Plant, vehicles and equipment 19,867 - 13,159 6,708
  • Capital work in progress 14,328 - - 14,328
    83,655 566,157 33,731 616,081

Included in distribution system assets is:

Centralised load control equipment                  18,541

Included in plant, vehicles and equipment is:

  • Consumer billing and information system assets 590
  • Motor vehicles 828
  • Office equipment 1,317
  • Other fixed assets 10,615

Included in capital works under construction is:
i) Subtransmission assets (transfer payment) 1,595
ii) Zone substations (transfer payment) 1,487
iii) Distribution lines and cables (transfer payment) 5,987
iv) Medium voltage switchgear (transfer payment) -
v) Distribution transformers (transfer payment) 57
vi) Distribution substations (transfer payment) 1,925
vii) Low voltage lines and cables (transfer payment) 5,021
viii) Other system fixed assets as per ODV Handbook (transfer payment) 5,532

10) Financial Instruments

The company has a comprehensive Treasury Policy to manage the risks of financial instruments which is approved by the Board of Directors.

  • Interest Rate Risk

The company has long term borrowings which are used to fund ongoing activities. The company actively manages interest rate exposures in accordance with Treasury Policy. In this respect, at least 60% of all term debt must be fixed using interest rate swaps, forward rate agreements, options and similar derivative instruments.

The notional face value of outstanding derivative instruments at balance date are:

| | 1999
($000) | 1998
($000) |
|---|---|---|

  • Interest rate swaps 907,500 69,000
  • Forward rate agreements 25,000 45,000
  • Interest rate options - 26,000
  • Interest rate swapations 20,000 -


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✨ LLM interpretation of page content

💰 Notes to Financial Statements for the year ended 31 March 1999 (continued from previous page)

💰 Finance & Revenue
Financial Statements, Fixed Assets, Valuation, Depreciation, Financial Instruments, Interest Rate Risk