New Zealand Gazette – 1999 – No. 147

Page 3519

✨ 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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✨ LLM interpretation of page content

🏭 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