New Zealand Gazette – 2006 – No. 149

Page 4312

✨ Financial Statements



TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2006

7. CURRENT ASSETS

LINES BUSINESS 2006 LINES BUSINESS 2005
$000 $000
Cash and bank 2,088 1,084
Short term investments — —
Trade receivables 59,465 52,341
Provision for current tax 11,305 (7,465)
Deferred tax — —
Other receivables 1,574 1,181
Stocks of materials 5,025 6,838
Prepayments 1,916 2,431
Total current assets 81,373 71,340

Reconciliation of provision for current tax:

  • Balance at the beginning of the year: (7,465) | (4,411)
  • Tax payable in the current year (refer Note 6): 44,536 | 42,652
  • Provisional tax (payments)/refunds made during the year: (48,426) | (49,676)
  • Balance at the end of the year: 11,305 | (7,465)

8. FIXED ASSETS

Asset Type Cost 2006 Accumulated Depreciation 2006 Net Book Value 2006 Net Book Value 2005
$000 $000 $000 $000
Transmission lines 476,237 64,387 411,850 405,503
Leased Transmission Lines 395,654 33,575 352,079 357,781
Freehold land 77,257 — 77,257 54,008
Freehold buildings 47,471 7,748 39,723 36,694
Leased substation buildings 5,154 568 4,586 4,563
Substations 765,297 85,176 670,121 651,688
Leased substations 166,827 20,659 146,168 145,292
HVDC 59,869 29,945 29,924 39,334
HVDC leased assets 222,799 41,136 181,663 194,883
Communications 58,566 15,680 42,886 43,506
Administration assets 45,257 37,097 8,160 20,901
Capital work in progress 210,806 — 210,806 115,950
Total fixed assets 2,511,392 335,971 2,175,521 2,071,103

Administration assets include plant, equipment, furniture and motor vehicles.

Capital work in progress comprises the following asset classes:

  • Transmission lines: 90,496 | 38,243
  • Freehold land and buildings: 21,763 | 5,212
  • Substations: 71,810 | 53,617
  • HVDC: 3,155 | 3,356
  • Communications: 2,609 | 4,496
  • Administration assets: 20,973 | 11,046

During the year the following borrowing costs were capitalised:

  • Transmission lines: 2,940 | 1,076
  • Freehold land and buildings: 895 | 146
  • Substations: 2,114 | 1,508
  • HVDC: 145 | 94
  • Communications: 30 | 126
  • Administration assets: 75 | 322
  • Total borrowing costs: 6,299 | 3,272

Electricity regulations additional disclosures:

  • Motor vehicles: 765 | 739
  • Office equipment: 1,841 | 1,469
  • Customer billing and information assets: — | —

Transpower lines business system fixed assets have a value in these financial statements of $1,919 million (2005: $1,899 million).

9. OTHER LONG TERM ASSETS

LINES BUSINESS 2006 LINES BUSINESS 2005
$000 $000
Structured financing transaction assets 532,700 532,700
Trade receivables greater than one year 7,650 9,010
Total other long term assets 540,350 541,710

The structured financing transaction assets are discussed in Note 12.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 149


Gazette.govt.nz — PDF NZ Gazette 2006, No 149




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Transpower New Zealand Limited Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
24 November 2006
Financial Instruments, Accounting Policies, NZ IFRS, Taxation, Transpower, Lines Business, 2006