✨ Financial Statements
Notes to and Forming Part of the Financial Statements
For the Year Ended 31 March 2003
ELECTRICITY DIVISION
7 Working Capital Advances Facility
As Powerco Limited is an integrated business, this disclosure relates to the business as a whole.
Powerco Limited operates a wholesale capital advances facility with the Bank of New Zealand for up to $15 million. As at 31 March 2003, no funds were drawn down on the facility and $15.257 million was invested in call funds (2002: investment of $5.035 million). The facility is based on a revolving credit arrangement and as such does not have set repayment dates. The facility expires on 31 July 2003 but is subject to automatic renewal for a further period. The facility is unsecured and is subject to a negative pledge deed and the guaranteeing subsidiaries referred to in Note 5 above.
8 Property, Plant and Equipment
Property, Plant and Equipment as at 31 March 2003
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 | |
| Information Systems | ||
| Capital value | 7,860 | 5,982 |
| less Accumulated depreciation | 287 | 385 |
| 7,573 | 5,597 | |
| Network Systems | ||
| Capital value | 724,286 | 393,089 |
| less Accumulated depreciation | 21,018 | 15,933 |
| 703,268 | 377,156 | |
| Work in Progress | 8,291 | 7,851 |
| Total Property, Plant and Equipment | 718,932 | 390,604 |
Annual Valuation Reconciliation Report
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 | |
| System fixed assets at ODV (end of previous financial year) | 377,156 | 374,105 |
| Adjustment following Commerce Commission audit process relating to previous year | - | 1,232 |
| Restated System fixed assets at ODV (start of period) | 377,156 | 375,337 |
| Add system fixed assets acquired | 347,131 | 17,752 |
| Less depreciation | 21,018 | 15,933 |
| Equals system fixed assets at ODV - end of financial year | 703,269 | 377,156 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 115
Gazette.govt.nz —
NZ Gazette 2003, No 115
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Powerco Limited Financial Statements
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Electricity, Financial Statements, Working Capital, Property, Plant, Equipment