New Zealand Gazette – 2000 – No. 109

Page 2726

✨ Financial Statements



2726 NEW ZEALAND GAZETTE No. 109

HAWKE'S BAY NETWORK LIMITED - LINES BUSINESS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the Year Ending 31 March 2000

9 TERM DEBT

Due For Repayment: 2000 1999
2003 $000 $000
1,000 1,000
1,000 1,000

The Interest Rate on the loan is 6.0% and the debt is unsecured.

10 COMMITMENTS & CONTINGENT LIABILITIES

At balance date the Lines Business had entered into contractual commitments of $586,591. (1999 $287,580).
A contingent liability exists for future service related employee entitlements as a result of existing employee contracts.
There were no other contingent liabilities existing at balance date (1999 $0).

11 FIXED ASSETS

Lines Business 31 March 2000

                    At Cost    At Valuation   Accumulated    Net Book Value
                     $000         $000       Depreciation       $000

Network 4,780 100,583 3,929 101,434
Land 0 1,305 0 1,305
Buildings 0 2,647 0 2,647
Vehicles, Plant and Equipment 13,049 0 8,195 4,854
17,829 104,535 12,124 110,240

Lines Business 31 March 1999

                    At Cost    At Valuation   Accumulated    Net Book Value
                     $000         $000       Depreciation       $000

Network - 100,583 - 100,583
Land - 1,429 - 1,429
Buildings - 4,786 - 4,786
Vehicles, Plant and Equipment 12,749 - 9,160 3,589
12,749 106,798 9,160 110,387

Valuations

Network Assets are valued at Optimised Deprival Value (ODV) as determined by Price Waterhouse Coopers (based on an ODRC valuation produced by Worley Consultants Ltd) as at 31 March 1997, adjusted for additions at cost and depreciation to 31 March 2000.
A revised valuation is currently being prepared.
Land and Buildings not included in Network Assets were independently valued by Logan Stone Ltd of Hastings as at 31 March 2000. These valuations were based on market value on an existing use basis. Adoption of these valuations on 31 March 2000 resulted in a decrease in the carrying value of Land of $153,472 and Buildings of $2,112,530.
All other assets have been recorded at cost.

12 EVENTS SUBSEQUENT TO BALANCE DATE

A Ministerial Inquiry into the Electricity Industry was established in February 2000. Potential regulatory changes implementing recommendations from the Inquiry may impact on the Company.



Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 109


Gazette.govt.nz — PDF NZ Gazette 2000, No 109




✨ LLM interpretation of page content

💰 Notes to and forming part of the financial statements for Hawke's Bay Network Limited (continued from previous page)

💰 Finance & Revenue
Financial statements, Term debt, Commitments, Contingent liabilities, Fixed assets, Valuations, Events subsequent to balance date, Hawke's Bay Network Limited