✨ Financial Statements




11 OCTOBER NEW ZEALAND GAZETTE 3519

Notes to and forming part of the financial statements for the year ended 31 March 1999

1999 1998
$000 $000

13. FIXED ASSETS

Distribution systems at valuation

Network assets at valuation | 664,198 | 688,265
Centralised load control at valuation | 10,482 | -
Distribution land at valuation | 17,708 | 7,664
Distribution buildings at valuation | 17,751 | 19,448

Net book value | 710,139 | 715,377

Other plant and equipment

Plant and equipment | 317 | 31
Accumulated depreciation | (66) | (2)

Net book value | 251 | 29

Capital work in progress

Subtransmission assets | 49,928 | -
Zone substations | 16,252 | -
Distribution lines and cables | 1,612 | -
Medium voltage switchgear | 554 | -
Distribution transformers | 2,178 | -
Distribution substitions | 309 | -
Low voltage lines and cables | 1,307 | -
Other system fixed assets | 856 | -

Net book value | 72,996 | 41,140

Total net book value | 783,386 | 756,546

ODV valuation

Balance as at 1 April 1998 | 715,377 | 742,326
Restatement adjustment | - | (3,139)
| 715,377 | 739,187
Movement in net book value | (20,047)| 38,816
ODV revaluation (devaluation) | 14,809 | (62,626)

Balance as at 31 March 1999 | 710,139 | 715,377

The ODV valuation was prepared in accordance with the Ministry of Commerce Handbook (April 1999) in conjunction with Worley Consultants. Revaluations are carried out at least every three years in accordance with the accounting policy.

14. DEFERRED TAXATION

Balance as at 1 April 1998 | 32,850 | 493
Transfer to statement of financial performance | (16,147) | 32,357

Balance as at 31 March 1999 | 16,703 | 32,850



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🏭 Financial Performance of Vector Limited for the year ended 31 March 1999 (continued from previous page)

🏭 Trade, Customs & Industry
Financial Performance, Revenue, Surplus, Deficit, Tax, Electricity Lines Business