New Zealand Gazette – 2004 – No. 168

Page 4204

✨ Financial Statements



4204

NEW ZEALAND GAZETTE, No. 168

17 DECEMBER 2004

| | 2004
| $000's | 2003
| | $000's |
|----------------|--------|--------|
| Totals for all asset classes | | |
| At valuation | 610,727 | 611,878 |
| At cost | 33,129 | 3,987 |
| Work in progress | 8,304 | 6,385 |
| Accumulated depreciation | (24,694) | (3,271) |
| Carrying value | 627,466 | 618,979 |

System fixed assets includes substation buildings of $13,431,000 (2003: $13,182,000). Land and buildings includes network land of $9,325,000 (2003: $9,181,000).

The value of system fixed assets at book value used in the calculation of Requirement 14 performance measures comprises:

| | 2004
| $000's | 2003
| | $000's |
|----------------|--------|--------|
| System fixed assets | 603,188 | 594,520 |
| Less capital work in progress | (8,211) | (6,240) |
| Plus network land | 7,984 | 9,181 |
| | 602,961 | 597,461 |

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 & 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 existed, 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 2004 in accordance with the Company’s accounting policies.

8. Accounts payable and accruals

A summary of accounts payable and accruals is as follows:

| | 2004
| $000's | 2003
| | $000's |
|----------------|--------|--------|
| Trade creditors | 9,824 | 8,565 |
| Accruals | 5,775 | 7,855 |
| Employee entitlements | 1,378 | 1,122 |
| Dividends payable | - | - |
| Income tax payable | - | - |
| Provisions | 186 | 1,063 |
| | 17,163 | 18,605 |



Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 168


Gazette.govt.nz — PDF NZ Gazette 2004, No 168




✨ LLM interpretation of page content

🏭 Notes to the financial statements for Orion New Zealand Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Property, Plant, Equipment, Valuation, Depreciation