✨ Financial Disclosure Statements
2382 NEW ZEALAND GAZETTE No. 95
b) Associate Companies
These are companies in which the group holds substantial shareholdings and exercises significant influence in commercial and financial policy decisions.
Associate companies have been reflected in the consolidated financial statements on an equity accounting basis which shows the group’s share of profits in the consolidated statement of financial performance and its share of post acquisition increases or decreases in net assets, in the consolidated statement of financial position.
c) Fixed Assets
The capital value of fixed assets is the value at either Optimised Depreciated Replacement Cost (ODRC), economic value or cost.
Valuations of the company electricity and gas network assets were completed by KPMG Independent Consultants. These ODRC valuations are recorded in the financial statements at the date of valuation being 31 March 2000.
d) Depreciation of Fixed Assets
Depreciation rates for major classes of asset are:
| Asset Class | Depreciation Rate |
|---|---|
| Land | Not Depreciated |
| Buildings | 1% SL |
| Furniture and Fittings | 10% to 20% DV |
| Office Equipment | 10% to 33% DV |
| Motor Vehicles | 20% DV |
| Network Systems | 1.8% to 2% SL and 5% to 14.4% DV |
e) Receivables
Accounts receivable are valued at expected realisable value, after providing for doubtful debts. All known bad debts have been written off during the period under review.
f) Income Tax
The income tax expense charged to the Statement of Financial Performance includes both the current year's expense and the income tax effect of timing differences using the liability method on a comprehensive basis.
g) Inventory
Inventory is valued at the lower of historical cost and net realisable value. The weighted average method has been used to determine historical cost.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 95
Gazette.govt.nz —
NZ Gazette 2000, No 95
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Powerco Limited Gas Information Disclosure
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🏭 Trade, Customs & Industry2 August 2000
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