New Zealand Gazette – 2008 – No. 25

Page 564

✨ Financial Report



564 NEW ZEALAND GAZETTE, No. 25 15 FEBRUARY 2008

2007
$000
Totals for all asset classes
At valuation 907,741
At cost 10,000
Work in progress 10,651
Accumulated depreciation (6,638)
Carrying value 921,754
2006
$000
At valuation 695,732
At cost 75,251
Work in progress 9,192
Accumulated depreciation (51,033)
Carrying value 729,142

System fixed assets includes substation buildings of $61,707,000 (2006: $30,761,000). Land and buildings includes network land prior to optimisation of $36,024,000 (2006: $29,547,000).

The value of system fixed assets at book value used in the calculation of Requirement 14 performance measures comprises:

2007 2006
System fixed assets 865,489 684,360
Less capital work in progress (10,641) (9,189)
Plus network land (optimised value) 32,654 26,619
887,502 701,790

Revaluation

The electricity distribution network and substation buildings were revalued on an optimised depreciated replacement cost basis by independent valuers PricewaterhouseCoopers as at 31 March 2007.

All the company’s land and other buildings were revalued to fair value at 31 March 2007 by independent valuers CB Richard Ellis 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 2007 in accordance with the company’s accounting policies.

8. Accounts payable and accruals

A summary of accounts payable and accruals is as follows:

2007 2006
Intercompany subvention payment 1,745 5,213
Trade creditors 8,202 8,494
Accruals 14,430 8,238
Employee entitlements 1,969 1,805
Dividends payable - -
Income tax payable - -
Provisions 222 145
26,568 23,895


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 25


Gazette.govt.nz — PDF NZ Gazette 2008, No 25




✨ LLM interpretation of page content

💰 Property, plant and equipment financial summary (continued from previous page)

💰 Finance & Revenue
Financial report, Property, Plant, Equipment, Valuation, Depreciation

💰 Revaluation of assets

💰 Finance & Revenue
Revaluation, Electricity distribution network, Substation buildings, Land, Buildings, Depreciation
  • PricewaterhouseCoopers
  • CB Richard Ellis Limited
  • Ernst & Young Corporate Finance Limited

💰 Accounts payable and accruals summary

💰 Finance & Revenue
Accounts payable, Accruals, Trade creditors, Employee entitlements, Provisions