New Zealand Gazette – 2006 – No. 124

Page 3649

✨ Financial Report

30 OCTOBER 2006
NEW ZEALAND GAZETTE, No. 124
3649

9. Property, Plant and Equipment

Distribution assets	2006 $000	2005 $000
Land	544	544
Buildings	6,842	6,839
Substation equipment	10,743	10,736
Lines	59,569	59,432
Switchgear	4,916	4,537
Transformers	13,770	13,460
Other distribution assets	16,726	15,469
Accumulated Depreciation	(10,350)	(6,686)
Total distribution assets	102,760	104,331

Non-distribution assets
Land	163	-
Leasehold improvements	142	142
Accumulated depreciation	(113)	(105)
	29	37
Plant and equipment	1,011	1,034
Accumulated depreciation	(867)	(736)
	144	298
Vehicles	61	118
Accumulated Depreciation	(36)	(53)
	25	65
Capital Work in Progress	1,034	434
Total property plant and Equipment	$104,155	$105,165

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 2004 by DTZ NZ Limited (Registered Valuers). The Land and Improvements value at valuation date was $215,000 and $675,000 respectively. The valuations are undertaken using the "highest & best use" method and are carried out on a three yearly basis.

The Optimised Deprival Value (ODV) at which distribution assets are stated, was assessed by Electra and independently reviewed by PricewaterhouseCoopers as at 31 March 2004. The report placed an ODV on Distribution assets of $101,173,265.

The ODV valuations are undertaken on a three yearly basis. The next assessment will be as at 31 March 2007. For the intervening years the distribution assets are updated for additions during the year at cost.

All other assets are recorded at cost.

VUW Te Waharoa — NZ Gazette 2006, No 124

Gazette.govt.nz — NZ Gazette 2006, No 124

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

💰 Electra Limited - Property, Plant and Equipment (continued from previous page)

Domain💰 Finance & Revenue
KeywordsProperty, Plant and Equipment, Distribution assets, Non-distribution assets, Valuation, Depreciation

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