New Zealand Gazette – 2007 – No. 134

Page 3502

✨ Financial Statements

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2007

7. CURRENT ASSETS

LINES BUSINESS LINES BUSINESS

Cash and bank
Short term investments
Trade receivables
Provision for current tax
Deferred tax
Other receivables
Stocks of materials
Structured financing transaction assets
Prepayments
Total current assets

Reconciliation of provision for current tax:

Balance at the beginning of the year: 11,305 (2006: 7,465)
Tax payable in the current year (refer Note 6): (44,033) (2006: (44,565))
Provisional tax (payments)/refunds made during the year: 38,130 (2006: 48,426)
Balance at the end of the year: 8,402 (2006: 11,305)

8. PROPERTY, PLANT AND EQUIPMENT

| | Cost | Accumulated Depreciation | Net Book Value | Net Book Value |
| | 2007 | 2007 | 2007 | 2006 |
| | $000 | $000 | $000 | $000 |
| Transmission lines | 497,224 | 88,686 | 408,538 | 411,850 |
| Leased Transmission Lines | 423,070 | 45,797 | 377,273 | 352,079 |
| Freehold land | 176,537 | — | 176,537 | 77,257 |
| Freehold buildings | 54,438 | 9,938 | 44,500 | 39,723 |
| Leased substation buildings | 5,154 | 606 | 4,548 | 4,536 |
| Substations | 801,844 | 119,031 | 682,813 | 670,121 |
| Leased substations | 172,847 | 28,328 | 144,519 | 146,168 |
| HVDC | 57,589 | 33,840 | 23,749 | 29,924 |
| HVDC leased assets | 222,905 | 55,350 | 167,555 | 181,662 |
| Communications | 68,586 | 27,806 | 40,690 | 43,185 |
| Administration assets | 59,723 | 43,604 | 16,119 | 8,160 |
| Capital work in progress | 251,421 | — | 251,421 | 210,806 |
| Total property, plant and equipment | 2,791,338 | 453,276 | 2,338,062 | 2,175,521 |

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

North Island Grid Upgrade (400kV project)
On 5 July 2007 the Electricity Commission approved the line proposed between Whakamaru and South Auckland. Transpower to date, including property purchases has capitalised $140.9m in respect of the North Island Grid Upgrade. Transpower has yet to complete the resource consenting process.

LINES BUSINESS LINES BUSINESS

Capital work in progress comprises the following asset classes:
Transmission lines
Freehold land and buildings
Substations
HVDC
Communications
Administration assets
Total

During the year the following borrowing costs were capitalised:

| Transmission lines | 3,791 | 2,940 |
| Freehold land and buildings | 390 | 895 |
| Substations | 2,536 | 2,114 |
| HVDC | 234 | 145 |
| Communications | 138 | 30 |
| Administration assets | 2,074 | 175 |
| Total borrowing costs | 9,161 | 6,300 |

Electricity regulations additional disclosures:

| Motor vehicles | 682 | 705 |
| Office equipment | 1,399 | 1,841 |
| Customer billing and information assets | — | — |

Transpower lines business system property, plant and equipment have a value in these financial statements of $2,028 million (2006: $1,919 million).

VUW Te Waharoa — NZ Gazette 2007, No 134

Gazette.govt.nz — NZ Gazette 2007, No 134

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

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

Domain🏭 Trade, Customs & Industry
Dated30 November 2007
KeywordsFinancial Instruments, Derivatives, Hedging, Accounting Policies, NZ IFRS, Financial Reporting, Taxation, Revenue Deferral, Balance Sheet Adjustments, Operating Revenue, Transmission Services, Electricity Regulations

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