✨ Financial Statements
9. Property, Plant and Equipment
| 2002 | 2001 | |
|---|---|---|
| $000 | $000 |
Distribution assets
| Land | 402 | 292 |
| Buildings | 1,446 | 1,464 |
| Substations | 5,755 | 6,083 |
| Lines | 48,974 | 48,467 |
| Switchgear | 2,975 | 2,975 |
| Transformers | 12,268 | 12,138 |
| Centralised load control equipment | - | 762 |
| Other | - | 876 |
| Total distribution assets | 72,893 | 73,057 |
Non-distribution assets
| Leasehold improvements | 135 | 135 |
| Accumulated depreciation | (70) | (55) |
| 65 | 80 |
| Plant and equipment | 4,437 | 3,917 |
| Accumulated depreciation | (2,433)| (2,248)|
| | 2,004 | 1,669 |
| Vehicles | 200 | 201 |
| Accumulated depreciation | (79) | (53) |
| | 121 | 148 |
| Capital Work in Progress | 3,045 | - |
| | 3,045 | - |
| Total property, plant and equipment | $78,128 | $74,954 |
Valuation
Land and buildings owned by the Company, other than those referred to above as being part of distribution assets, are stated at market valuation, which was assessed as at 31 March 2001 by Darroch and Co (Registered Valuers). The valuations are carried out on a 3 yearly basis.
The Optimised Deprival Value (ODV) at which Distribution Assets are stated was independently assessed by KPMG Peat Marwick as at 31 March 2001. Their report placed an ODV on Distribution Assets of $73,057,263. The valuation was subsequently reduced by $605,730 following a re-calibration audit by the Commerce Commission to $72,451,533. Subsequent additions are at cost.
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 97
Gazette.govt.nz —
NZ Gazette 2002, No 97
✨ LLM interpretation of page content
💰 Property, Plant and Equipment Financial Summary
💰 Finance & RevenueFinancial Statements, Assets, Depreciation, Valuation, Distribution Assets