✨ Financial Statements
20 NOVEMBER 2006
NEW ZEALAND GAZETTE, No. 143
Intangible Assets
a) Goodwill 0 0
b) Other intangible assets not listed in (a) 0 0
c) Total Intangible Assets 0 0
FIXED ASSETS DEPRECIATION
Distribution System
Distribution System 123,452,205 114,343,762
Accumulated Depreciation 7,519,572 3,754,700
115,932,633 110,589,062
Land & Buildings
Land & Buildings 2,775,612 2,725,587
Accumulated Depreciation 660,732 612,193
2,114,880 2,113,394
Motor Vehicles
Motor Vehicles 793,824 662,643
Accumulated Depreciation 579,805 536,556
214,019 126,087
Plant, Furniture & Equipment
Plant, Furniture & Equipment 4,420,112 4,180,932
Accumulated Depreciation 3,669,031 3,309,880
751,081 871,052
Work in Progress 1,879,400 803,162
Total Non Current Assets 120,892,013 114,502,757
Distribution assets were revalued by PricewaterhouseCoopers as at 31 March 2004
The directors believe that rating valuation is a fair representation of the fair value of the company’s land and buildings. The rating valuation of land and buildings at 1 July 2004 is $2,367,750.
10 FINANCIAL INSTRUMENTS
Electricity Ashburton Limited estimates that in respect of the reported Financial Instruments being cash, bank deposits, account receivables, investments and industry loan reported in the financial statement:
a) Fair value is equivalent to carrying an amount as stated in the statement of financial position.
b) Concentration of credit risk is minimised in respect of:
i) Receivables, the company has exposure of credit risk by having six line customers. Credit risk with each of these customers is managed by a use of system agreement. The company performs credit evaluations where considered necessary.
ii) Bank deposits, by a specific policy of spreading investments between registered trading banks, Canterbury Building Society and the Loan and Building Society.
iii) Cash, by being held in minimal quantities.
The Company has a $10 million multi option credit line facility and a $500,000 overdraft facility with Westpac, which are secured by a negative pledge over assets. During the year the company utilised loans to the value of $2.1 million from BNZ. Interest rates for existing loans are between 6.4% and 7.95% and expire on 23 March 2010. These loans are secured by a negative pledge over assets.
11 COMMITMENTS
Estimated capital expenditure contracted for at balance date is $444,672 (2005: $1,344,169)
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 143
Gazette.govt.nz —
NZ Gazette 2006, No 143
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Electricity Ashburton Limited Financial Statements
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