✨ Financial Statements
VECTOR Limited
Electricity Lines Business
Notes to the Financial Statements - continued
For the year ended 31 March 2002
| 2002 | 2001 | |
|---|---|---|
| $'000 | $'000 |
14. PROPERTY, PLANT AND EQUIPMENT - CONTINUED
Buildings
-
Buildings at cost | 3,250 | 5,307 |
-
Accumulated depreciation | (710) | (631) |
-
Net book value | 2,540 | 4,676 |
-
Capital works under construction | 11,611 | 33,027 |
-
Total net book value | 926,887 | 927,669 |
ODV valuation
- Balance at beginning of year | 854,219 | 707,582 |
- Movement in net book value | 26,730 | 158,350 |
- Devaluation | (1,889) | (11,713)|
- Balance at end of year | 879,060 | 854,219 |
The original Optimised Deprival Value (ODV) valuation was carried out as at 31 March 2001 by Meritec Limited consulting engineers. The valuation was prepared in accordance with the Fourth Edition of the Ministry of Economic Development Handbook for Optimised Deprival Valuation of System Fixed Assets of Electricity Line Businesses (October 2000). Subsequent to this valuation the Commerce Commission approved certain changes, the net impact of which was a devaluation of $1.9 million (0.2%). Revaluations are carried out at least every three years in accordance with the accounting policy.
As indicated in the accounting policies finance costs are capitalised to fixed assets while under construction. During the year $0.3 million (2001: $4.6 million) of finance costs were capitalised.
15. RECEIVABLES AND PREPAYMENTS
-
Accounts receivables | 32,026 | 33,792 |
-
Provision for doubtful debts| - | (120) |
-
Net accounts receivables | 32,026 | 33,672 |
-
Other receivables | 1,861 | 1,775 |
-
Total receivables | 33,887 | 35,447 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 124
Gazette.govt.nz —
NZ Gazette 2002, No 124
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Vector Limited Financial Statements
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