New Zealand Gazette – 2006 – No. 155

Page 4525

✨ Financial Statements Notes



Vector Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2006

13. PROPERTY, PLANT AND EQUIPMENT (continued)

The directors consider that the fair value of the land and buildings is equal to their net book value.

As stated in the statement of accounting policies, interest and other costs are capitalised to property, plant and equipment while under construction. During the year $1.6 million (2005: $2.0 million) of interest and other costs were capitalised.

The system fixed assets were revalued to $2,442.4 million as at 31 March 2006 consistent with the group’s accounting policy to revalue property, plant and equipment at least every three years. The basis of this valuation is the lesser of depreciated replacement cost and the estimated amount from the future use of these system fixed assets. This valuation was undertaken in conjunction with the following parties:

FIRM QUALIFICATION
Eric Lucas PricewaterhouseCoopers
Lynne Taylor PricewaterhouseCoopers
Trevor Walker Telfer Young Ltd
Jeffrey Wilson Wilson Cook & Co Ltd

14. GOODWILL

2006 2005
$'000 $'000
Balance at beginning of year 531,890 553,798
Arising from change in accounting policy - 8,412
Prior period adjustment (2,176) -
Amortisation in the financial year (30,244) (30,320)
Balance at end of year 499,470 531,890

Goodwill is amortised over a period up to 20 years in accordance with the Vector group’s accounting policy. Prior period adjustment is in respect of the amendment to the goodwill allocation methodology. Goodwill is allocated based on the acquired property, plant and equipment of the business.

15. PAYABLES AND ACCRUALS

Note 2006 2005
$'000 $'000
Current
Trade payables and other creditors 62,323 54,878
Provisions 18 231 148
Interest payable 20,789 19,315
Employee entitlements 2,135 1,892
Total 85,478 76,233

| Non-current | | | |
| Other non-current payables | | 507 | - |
| Total | | 507 | - |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 155


Gazette.govt.nz — PDF NZ Gazette 2006, No 155




✨ LLM interpretation of page content

🏭 Vector Limited Financial Statements for the Electricity Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
28 November 2006
Vector Limited, Financial Statements, Electricity Lines Business, Property, Plant and Equipment, Depreciation, Net Book Value
  • Eric Lucas, Valuation consultant
  • Lynne Taylor, Valuation consultant
  • Trevor Walker, Valuation consultant
  • Jeffrey Wilson, Valuation consultant