✨ Financial Statements
4200
NEW ZEALAND GAZETTE, No. 146
22 NOVEMBER 2006
| | 2006
$000’s | 2005
$000’s |
|----------------|------------------------|------------------------|
| Totals for all asset classes |
| At valuation | 695,732 | 697,157 |
| At cost | 75,251 | 41,796 |
| Work in progress | 9,192 | 6,309 |
| Accumulated depreciation | (51,033) | (26,882) |
| Carrying value | 729,142 | 718,380 |
System fixed assets includes substation buildings of $30,761,000 (2005: $30,677,000). Land and buildings includes network land prior to optimisation of $29,547,000 (2005: $29,275,600).
The value of system fixed assets at book value used in the calculation of Requirement 14 performance measures comprises:
| | 2006
$000’s | 2005
$000’s |
|--------------------------|----------------------|----------------------|
| System fixed assets | 684,360 | 673,630 |
| Less capital work in progress | (9,189) | (6,309) |
| Plus network land (optimised value) | 26,619 | 26,348 |
| | 701,790 | 693,669 |
Revaluation
The electricity distribution network and substation buildings were revalued on an optimised depreciated replacement cost basis by independent valuers PricewaterhouseCoopers as at 1 April 2004.
All the company’s land and other buildings were revalued to fair value at 1 April 2004 by independent valuers Ernst & Young Corporate Finance Limited.
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 could 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 2006 in accordance with the company’s accounting policies.
Accounts payable and accruals
A summary of accounts payable and accruals is as follows:
| 2006 | 2005 | |
|---|---|---|
| Intercompany subvention payment | 5,213 | 10,867 |
| Trade creditors | 8,494 | 8,319 |
| Accruals | 8,238 | 6,699 |
| Employee entitlements | 1,805 | 1,471 |
| Dividends payable | - | - |
| Income tax payable | - | - |
| Provisions | 145 | 132 |
| 23,895 | 27,488 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 146
Gazette.govt.nz —
NZ Gazette 2006, No 146
✨ LLM interpretation of page content
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Financial Disclosure for Orion New Zealand Limited
(continued from previous page)
🏭 Trade, Customs & Industry7 November 2006
Property, Plant, Equipment, Valuation, Depreciation, Financial Statements