New Zealand Gazette – 2005 – No. 5

Page 121

✨ Financial Statements



Note 3 : Fixed Assets

2003 Book Value $000 Cost or Revaluation $000 Accumulated Depreciation $000 Book Value $000
Line Business
225,705 Network 257,882 24,264 233,618
1,348 Plant 1,672 422 1,250
395 Load Control Equipment 509 180 329
227,448 Subtotal 260,063 24,866 235,197
9,781 Buildings 9,961 274 9,687
2,734 Land 2,741 - 2,741
239,963 Subtotal 272,765 25,140 247,625
- Furniture 5 - 5
5,521 Capital Work in Progress 5,366 - 5,366
245,484 278,136 25,140 252,996

The increase in asset cost on revaluation to $278,136 (2003: $261,526) is the result of record annual capital expenditure of $16.616 million (2003: $11.897 million) mainly due to growth requiring upgrades to the Cromwell-Wanaka 66kV lines and Wanaka and Queensberry zone substations.

2004 $000 2003 $000
Capital work in progress comprises:
Distribution substations 497 403
Low voltage reticulation 1,540 999
Distribution lines and cables 1,440 1,058
Distribution transformers 950 483
Other 24 18
Zone substations 915 1,160
Transmission reticulation - 1,400
5,366 5,521

Note 4 : Deferred Tax Liability
Balance at beginning of year 24,575 19,579
Movement from income tax charge 5,974 4,996
Balance at end of year 30,549 24,575

Note 5 : Term Debt
Balance at beginning of year 117,000 114,000
Current year borrowing - 3,000
Current year repayment (8,800) -
Balance at end of the year 108,200 117,000

The Line Business has a borrowing facility allowing it to draw funds up to $110 million. At year-end $108.2 million had been drawn on the facility. The weighted average interest rate on the advances at 31 March 2004 was 7.15%. The repayment period on the advances is between 2 and 10 years as follows:

Repayment Period Amount ($000)
1 - 2 years -
2 - 5 years -
5 years and greater 108,200


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 5


Gazette.govt.nz — PDF NZ Gazette 2005, No 5




✨ LLM interpretation of page content

🏭 Statement of Accounting Policies (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Financial Statements, Electricity, Revenue, Expenditure

🏭 Fixed Assets Details

🏭 Trade, Customs & Industry
Fixed Assets, Network, Plant, Buildings, Land, Capital Work in Progress

💰 Deferred Tax Liability

💰 Finance & Revenue
Deferred Tax, Liability, Income Tax Charge

💰 Term Debt Details

💰 Finance & Revenue
Term Debt, Borrowing Facility, Interest Rate, Repayment Period