✨ Financial Statements
Totals for all asset classes
| | 2003
$000's | 2002
$000's |
|----------------|-------------|-------------|
| At valuation | 611,878 | 419,491 |
| At cost | 3,987 | 70,031 |
| Work in progress| 6,385 | 6,583 |
| Accumulated depreciation | (3,271) | (33,911) |
| Carrying value | 618,979 | 462,194 |
System fixed assets includes substation buildings of $13,182,000 (2002: $8,965,000). Land and buildings includes network land of $9,181,000 (2002: $8,328,000).
The value of system fixed assets at book value used in the calculation of Regulation 15 performance measures comprises:
| | 2003
$000's | 2002
$000's |
|---------------------|-------------|-------------|
| System fixed assets | 594,520 | 440,105 |
| Less capital work in progress | (6,240) | (6,495) |
| Plus network land | 9,181 | 8,328 |
| | 597,461 | 441,937 |
Revaluation
All the Company's land and buildings were revalued to fair value at 31 March 2003 by independent valuers Ernst & Young Corporate Finance Limited.
The electricity distribution system was revalued by Orion management on an optimised depreciated replacement cost basis and was certified by independent valuers, Ernst and Young Corporate Finance Limited as at 31 March 2003.
An impairment review of all other plant and equipment was undertaken as at 31 March 2003 by independent valuers Ernst & Young Corporate Finance Limited, who determined that as no significant impairment exists, these assets may be carried at their existing carrying values. Assets in this category were last revalued at 31 March 2000.
Depreciation has been applied to the assets for the year ended 31 March 2003 in accordance with the Company's accounting policies.
8. ACCOUNTS PAYABLE AND ACCRUALS
A summary of accounts payable and accruals is as follows:
| 2003 | 2002 | |
|---|---|---|
| Trade creditors | 8,565 | 9,428 |
| Accruals | 7,855 | 6,088 |
| Employees entitlements | 1,122 | 1,153 |
| Dividends payable | - | - |
| Income tax payable | - | - |
| Provisions | 1,063 | 2,579 |
| 18,605 | 19,248 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 103
Gazette.govt.nz —
NZ Gazette 2003, No 103
✨ LLM interpretation of page content
💰
Totals for all asset classes
(continued from previous page)
💰 Finance & RevenueAsset valuation, Financial statements, Depreciation, System fixed assets, Land and buildings
💰
Revaluation
(continued from previous page)
💰 Finance & RevenueAsset revaluation, Independent valuers, Impairment review, Depreciation, Accounting policies
- Ernst & Young Corporate Finance Limited
💰 Accounts Payable and Accruals
💰 Finance & RevenueAccounts payable, Trade creditors, Accruals, Employees entitlements, Provisions