✨ Financial Statements
19 AUGUST
NEW ZEALAND GAZETTE
2917
| 2002 $ | 2001 $ | |
|---|---|---|
| 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
| 2002 $ | 2001 $ | |
|---|---|---|
| Distribution System | 84,462,790 | 66,798,447 |
| Accumulated Depreciation | 2,620,462 | 0 |
| 81,842,328 | 66,798,447 |
| Land & Buildings | 3,122,168 | 2,779,230 |
| Accumulated Depreciation | 459,225 | 410,805 |
| | 2,662,943 | 2,368,425 |
| Motor Vehicles | 540,981 | 508,222 |
| Accumulated Depreciation | 434,791 | 399,719 |
| | 106,190 | 108,503 |
| Plant, Furniture & Equipment | 3,236,927 | 3,061,610 |
| Accumulated Depreciation | 2,604,680 | 2,379,067 |
| | 632,247 | 682,543 |
| Work in Progress | 695,633 | 3,364,307 |
| Total Non Current Assets | 85,939,341 | 73,322,225 |
The directors believe that rating valuation is a fair representation of the fair value of the company's land and buildings. The rating valuation of land and buildings at 1 September 2000 is $2,887,000.
10 FINANCIAL INSTRUMENTS
Electricity Ashburton Limited estimates that in respect of the reported Financial Instruments being cash, bank deposits, account receivables, investments and industry loan reported in the financial statement:-
a) Fair value is equivalent to carrying an amount as stated in the statement of financial position.
b) Concentration of credit risk is minimised in respect of:-
i) Receivables, the company has exposure of credit risk by having six 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.
ii) Bank deposits, by a specific policy of spreading investments between registered trading banks, Ashburton Building Society and the Loan and Building Society
iii) Cash, by being held in minimal quantities
The company has a $500,000 overdraft facility with WestpacTrust, which is secured by a negative pledge over assets. During the year the company uplifted loans to the value of $12 million from the Bank of New Zealand for 2001/2 capital works, interest rates for the loan are between 5.55% and 5.95% and expire on 31 October 2006. This loan is secured by a negative pledge over assets. An additional facility of $3 million for the 2002/3 year is being negotiated.
11 COMMITMENTS
Estimated capital expenditure contracted for at balance date is $2,746,700 (2001: $1,384,875).
12 CONTINGENT LIABILITIES
As at 31 March 2002 there were no material contingent liabilities that are not included in these financial statements (2001: Nil).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 108
Gazette.govt.nz —
NZ Gazette 2002, No 108
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Electricity Ashburton Limited - Lines Business Notes to the Financial Statements
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