✨ Financial Statements
HAWKE'S BAY NETWORK LIMITED - LINES BUSINESS
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2002
7 TERM DEBT
| 2002 | 2001 | |
|---|---|---|
| $000 | $000 |
Due For Repayment:
1 June 2003 | 1,000 | 1,000 |
The Interest Rate on the loan is 8.0% and the debt is unsecured with the Hawke's Bay Power Consumers Trust.
8 COMMITMENTS & CONTINGENT LIABILITIES
A contingent liability exists for future Customer Service Guarantee payments in relation to continuity of supply. The Company has a rental guarantee in respect to the premises sold in January 2001. In the Directors view, it is unlikely that this guarantee will result in a liability to the Company (2001:$0). There were no other contingent liabilities existing at balance date (2001:$0).
The value of contractual capital commitments as at 31 March 2002 is estimated at $1,055,000 (2001:$1,868,525).
9 PROPERTY PLANT AND EQUIPMENT
Electrical Distribution Network
| 2002 | 2001 | |
|---|---|---|
| $000 | $000 |
33kV Subtransmission
at valuation | 8,105 | 8,102 |
additions at cost | 102 | - |
accumulated depreciation | (283) | - |
| 7,924 | 8,102 |
Zone Substation Structures and Equipment
at valuation | 14,984 | 14,984 |
additions at cost | 943 | - |
accumulated depreciation | (675) | - |
| 15,252 | 14,984 |
Distribution and Substation Transformers
at valuation | 21,010 | 21,010 |
additions at cost | 1,234 | - |
accumulated depreciation | (855) | - |
| 21,389 | 21,010 |
Distribution Switchgear
at valuation | 4,525 | 4,525 |
additions at cost | 268 | - |
accumulated depreciation | (384) | - |
| 4,409 | 4,525 |
Overhead Lines
at valuation | 37,677 | 37,677 |
additions at cost | 1,519 | - |
accumulated depreciation | (1,226) | - |
| 37,970 | 37,677 |
Underground Cables
at valuation | 18,523 | 18,523 |
additions at cost | 2,674 | - |
accumulated depreciation | (843) | - |
| 20,354 | 18,523 |
Other Distribution Equipment
at valuation | 11,524 | 11,527 |
additions at cost | 536 | - |
accumulated depreciation | (375) | - |
| 11,685 | 11,527 |
Net carrying Value, Electricity Distribution Network | 118,983 | 116,348 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 123
Gazette.govt.nz —
NZ Gazette 2002, No 123
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Hawke's Bay Network Limited Financial Statements
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