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New Zealand Gazette – 1999 – No. 190

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✨ Financial Statements Notes

4510

NEW ZEALAND GAZETTE

No. 190

TRANSPower NEW ZEALAND LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 1999

(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
Substations 25-55
HVDC link 30
HVDC leased assets 30
Communications 10-25
Administration assets 3-10

(i) Leased Assets

The Transpower Lines Business 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, and the related support, maintenance, administration and interest costs.

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VUW Te Waharoa — NZ Gazette 1999, No 190

NZLII — NZ Gazette 1999, No 190

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Information Disclosure (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsAudit, Financial Statements, Electricity, Information Disclosure, Regulations, Transpower, Depreciation, Leased Assets, Cash Flows

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Additional Sources

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