New Zealand Gazette – 2000 – No. 120

Page 3051

✨ Financial Statements



1 SEPTEMBER
NEW ZEALAND GAZETTE
3051

9 FIXED ASSETS

2000 $ 1999 $
a) System Fixed assets 61,698,608 61,604,319
b) Centralised load control equipment 130,974 0
c) Consumer billing and information system assets 417,041 417,041
d) Motor Vehicles 161,251 201,136
e) Office Equipment 375,990 477,072
f) Land & Buildings 2,339,759 2,316,065
g) Capital works under construction:
(i) Subtransmission assets (transfer payment) 0 0
(ii) Zone substations (transfer payments) 0 0
(iii) Distribution lines and cables (transfer payments) 91,390 253,265
(iv) Medium voltage switchgear (transfer payments) 0 0
(v) Distribution transformers 0 0
(vi) Distribution substations (transfer payments) 8,437 0
(vii) Low voltage lines and cables (transfer payments) 0 0
(viii) Other system fixed assets (transfer payments) as categorised in standard asset tables in the ODV Handbook: 0 0
h) Other fixed assets not listed in (a to g) 0 0
i) Total Fixed Assets 65,223,450 65,268,898
j) Other tangible assets not listed above. 0 0

Intangible Assets
a) Goodwill | 0 | 0
b) Other intangible assets not listed in (a) | 0 | 0
c) Total Intangible Assets | 0 | 0

FIXED ASSETS DEPRECIATION

Distribution System (Valuation) | 61,829,582 | 66,064,213
Accumulated Depreciation | 0 | 4,459,894
| 61,829,582 | 61,604,319

Land & Buildings (Cost) | 2,707,473 | 2,646,799
Accumulated Depreciation | 367,714 | 330,734
| 2,339,759 | 2,316,065

Motor Vehicles (Cost) | 517,129 | 507,163
Accumulated Depreciation | 355,878 | 306,027
| 161,251 | 201,136

Plant, furniture & equipment (Cost) | 2,897,388 | 2,674,458
Accumulated Depreciation | 2,104,357 | 1,780,345
| 793,031 | 894,113

Work in Progress | 99,827 | 253,265

Total Non Current Assets | 65,223,450 | 65,268,898

The directors believe that government valuation is a fair representation of the fair value of the company’s land and buildings. The Government valuation of land and buildings at 1 September 1997 is $2,780,500.

10 FINANCIAL INSTRUMENTS

Electricity Ashburton Limited estimates that in respect of the reported Financial Instruments being bank deposits, account receivables and industry loan reported in the financial statement:-

(i) Fair value is equivalent to carrying an amount as stated in the statement of financial position.

(ii) Concentration of credit risk is minimised in respect of:-

(a) Receivables: The company has exposure of credit risk by having eight line customers. Credit risk with each of these customers is managed by a use of system agreement. The company performs credit evaluations where considered necessary.

(b) Bank deposits, by a specific policy of spreading investments between registered trading banks, Ashburton Permanent Building Society and the Ashburton Loan & Building Society.

(c) Cash, by being held in minimal quantities.

(iii) Industry loan of $7,325 is for five years with an interest rate of zero per cent.

The company has a $500,000 overdraft facility with Westpac Trust, which is secured by a negative pledge over assets. No loans have been uplifted during the financial year under report.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 120


Gazette.govt.nz — PDF NZ Gazette 2000, No 120




✨ LLM interpretation of page content

🏭 Electricity Ashburton Limited Fixed Assets and Financial Instruments (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Fixed Assets, Financial Instruments, Depreciation, Valuation, Ashburton