New Zealand Gazette – 2003 – No. 110

Page 2908

✨ Financial Statement



9. Property, Plant and Equipment

2003 2002
$000 $000

Distribution assets

2003 2002
Land 402 402
Buildings 2,172 1,446
Substations 7,394 5,755
Lines 52,269 48,974
Switchgear 3,061 2,975
Transformers 12,357 12,268
Centralised load control equipment 856 947
Other - 126
Total distribution assets 78,511 72,893

Non-distribution assets

2003 2002
Leasehold improvements 150 135
Accumulated depreciation (87) (70)
63 65
Plant and equipment 4,518 4,437
Accumulated depreciation (2,168) (2,433)
2,350 2,004
Vehicles 190 200
Accumulated depreciation (73) (79)
117 121
Capital Work in Progress 115 3,045
115 3,045

Total property, plant and equipment | $81,156 | $78,128 |

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 DTZ NZ Limited (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.

The independent ODV valuations are undertaken on a three yearly basis. The next assessment will be as at 31 March 2004. For the intervening years the distribution assets are updated for additions during the year.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 110


Gazette.govt.nz — PDF NZ Gazette 2003, No 110




✨ LLM interpretation of page content

💰 Electra Limited Financial Statement (continued from previous page)

💰 Finance & Revenue
25 July 2003
Property, Plant, Equipment, Valuation, Electra Limited