✨ Financial Statements Notes
25 AUGUST NEW ZEALAND GAZETTE 2755
Notes to the Financial Statements
For the year ended 31 March 2000
| 2000 | 1999 | |
|---|---|---|
| $000 | $000 |
15. FIXED ASSETS (CONTINUED)
ODV valuation
Balance as at beginning of year 710,139 715,377
Movement in net book value (2,557) (20,047)
ODV revaluation 14,809
Balance at end of year 707,582 710,139
The ODV valuation was prepared in accordance with the Ministry of Commerce Handbook (April 1999) in conjunction with Worley Consultants Limited consulting engineers. Revaluations are carried out at least every three years in accordance with the accounting policy and the last valuation was completed on 31 March 1999.
Divestment activities as required by the Electricity Industry Reform Act 1998 were substantially completed by 31 March 2000. Assets remaining in the other business, on substantial completion of divestment, but principally used by the line business were purchased by line business as at 1 April 1999 for a book value of $37.4 million.
16. RECEIVABLES AND PREPAYMENTS
| 2000 | 1999 | |
|---|---|---|
| Trade receivables | 9,808 | (5,267) |
| Provision for doubtful debts | (273) | |
| 9,535 | (5,267) | |
| Other receivables | 317 | 4,932 |
| Prepayments | 1,653 | 820 |
| 11,506 | 485 |
17. FINANCIAL INSTRUMENTS
The company is subject to financial risk as a result of its debt portfolio. To manage and limit the effect of those financial risks, the Board of Directors has approved policy guidelines and authorised the use of various financial instruments. The policies approved, and financial instruments being utilised at balance date, are outlined below.
Credit risk
Financial instruments that potentially subject the company to credit risk principally consist of bank balances, money market deposits and accounts receivable.
The company monitors the credit quality of the major financial institutions that are counterparties to its off balance sheet financial instruments and does not anticipate any non-performance by the counterparties.
Maximum exposures to credit risk as at balance date are
| 2000 | 1999 | |
|---|---|---|
| Bank balances | 11,248 | 2,816 |
| Term deposits | 22,000 | - |
| Accounts receivables | 9,852 | (335) |
The above maximum exposures are net of any recognised provision for losses on these financial instruments.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 110
Gazette.govt.nz —
NZ Gazette 2000, No 110
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Notes to the Financial Statements
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🏭 Trade, Customs & IndustryFinancial Statements, Fixed Assets, Receivables, Financial Instruments, Credit Risk