✨ Financial Statements
3646 NEW ZEALAND GAZETTE No. 135
| Cost | Depreciation | accumulated depreciation | Net Book Value | |
|---|---|---|---|---|
| as at 31 March 2002 | ||||
| Land | 442 | - | - | 442 |
| Buildings | 2,048 | (92) | (789) | 2,159 |
| Reticulation System | 26,021 | (1,178) | (11,608) | 14,413 |
| Plant and Equipment | 2,014 | (151) | (1,520) | 494 |
| Motor Vehicles | 308 | (39) | (218) | 90 |
| Capital Works under Construction | 214 | - | - | 214 |
| Totals | 31,947 | (1,460) | (14,135) | 17,812 |
Capital work under construction includes transfer payments and purchases from outside organisations as well as from the ‘Other’ Business.
| 2003 $000 | 2002 $000 | |
|---|---|---|
| Goodwill | ||
| Goodwill arising on acquisition | 15,139 | - |
| Less amortisation of goodwill | (567) | - |
| Balance at end of year | 14,572 | - |
- PROVISIONS
The following movements were recorded in provisions held by the business during the 2002/2003 financial year:
| opening balance | movement | closing balance | |
|---|---|---|---|
| Provision for staff leave | 190 | (51) | 139 |
| Provision for retirement gratuities | 52 | 50 | 102 |
| Other Miscellaneous * | - | 220 | 220 |
- This provision was created by OtagoNet for site restoration following contamination from the failure of capacitor equipment.
| 2003 $000 | 2002 $000 |
|---|
- COMMITMENTS
10.1 Capital Commitments
Capital expenditure committed to but not recognised in the financial statements.
| 2003 | 2002 | |
|---|---|---|
| 615 | 473 |
10.2 Lease Commitments
Commitments under present lease agreements over the next five years are as follows:
2004 - $14,000; 2005 - $14,000; 2006 - $4,500; 2007 - $4,500; 2008 - $4,500
The Company will continue to incur lease costs for a number of substation and repeater sites beyond 2008. The lease costs for these sites cannot be quantified at the present time.
- TERM LOANS
As part of the acquisition process for investment in the OtagoNet joint venture a term debt facility was negotiated by Marlborough Lines during the year to provide additional funding.
| Facility Limit | Maturity Date | Drawn Down As at 31 March 2003 | |
|---|---|---|---|
| Bank Term Debt Facility | $26.0m | 30-Jun-05 | $23.0m |
No security has been issued by Marlborough Lines in respect of the company’s loans. Southern Lines Limited has provided a guarantee. The interest rate is linked to the 90-Day Bank Bill Rate. The effective interest rate at 31 March 2003 was 6.18%.
-
CONTINGENT LIABILITIES
The company has no contingent assets or liabilities as at 31 March 2003. (2002: nil) -
FINANCIAL INSTRUMENTS
13.1 Credit Risk
Credit risk is the risk that an outside party will not be able to meet its obligations to the company. Financial instruments, which potentially subject the company to concentrations of credit risk, consist principally of cash deposits, short-term deposits and trade receivables. The maximum credit risk is the book value of these financial instruments, however, the company considers the risk of non-recovery of these amounts to be minimal.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 135
Gazette.govt.nz —
NZ Gazette 2003, No 135
✨ LLM interpretation of page content
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Marlborough Lines Limited Financial Statements
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🏗️ Infrastructure & Public WorksFinancial Statements, Depreciation, Goodwill, Provisions, Commitments, Term Loans, Contingent Liabilities, Financial Instruments