New Zealand Gazette – 2002 – No. 69

Page 1858

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 69

Network Tasman Limited

Line Business Financial Statements

Notes to and forming part of the financial statements

For the year ended 31 March 2002

Property, plant & equipment - March 2001 At cost At valuation Accum. depreciation Carrying Amount
Freehold land 2 582 0 584
Freehold buildings 42 527 93 478
Primary distribution assets 0 2,589 0 2,589
Secondary distribution assets 0 60,793 0 60,793
Substation assets 0 5,109 0 5,109
Load control plant 0 810 0 810
Streetlights 0 169 0 169
Consumer connections 0 948 0 948
Plant and equipment 1,317 0 714 603
Computer equipment 1,691 0 1,208 463
Motor vehicles 144 0 88 56
Total 3,196 71,527 2,103 72,620

Valuation

The distribution system assets were last revalued as at 31 March 2001 to a net current value of $70,418 million. The valuation to optimised depreciated replacement cost (ODRC) was carried out by independent valuers, PricewaterhouseCoopers and Meritec Limited. The valuation report is dated 25 May 2001. The valuation was undertaken in accordance with the methodology detailed in the Handbook for Optimised Deprival Valuation of System Fixed Assets of Electricity Line Businesses (4th edition) as issued by the Ministry of Economic Development and dated October 2000.

Adjustment to property, plant & equipment

Land and buildings associated with the distribution system assets were included in both the optimised depreciated replacement cost valuation for distribution system assets and in the land and buildings category. An adjustment has been made to the land and buildings categories. Distribution system land and buildings are included in the substation assets category.

Review of useful lives of property, plant and equipment

Estimate of increase in depreciation charge following a review of useful lives

705

2002 2001
$'000 $'000

11. Deferred taxation
Balance at beginning of year 68 113
Deferred tax on timing differences 47 (45)
Balance at end of year 115 68

12. Payables and provisions

Current
Trade payables and accruals 1,723 2,185
Taxation payable 286 0
Employee entitlements 210 207
Dividend provision 0 0
Sundry provisions 169 48
Total current payables and provisions 2,388 2,438


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 69


Gazette.govt.nz — PDF NZ Gazette 2002, No 69




✨ LLM interpretation of page content

🏭 Network Tasman Limited Line Business Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Network Tasman Limited, Property, Plant, Equipment, Valuation, Depreciation, Deferred Taxation, Payables, Provisions