New Zealand Gazette – 2008 – No. 25

Page 566

✨ Financial Statements

566

NEW ZEALAND GAZETTE, No. 25

15 FEBRUARY 2008

	2007
	$000

2007
$000
	2006
	$000

Equity

Equity comprises:

	2007	2006
Share capital	120,000	120,000
Retained earnings	65,613	67,165
Revaluation reserve (see Note 11)	615,161	431,024

Total shareholders’ equity | 800,774 | 618,189 |
Minority interests | - | - |
Total equity | 800,774 | 618,189 |
Capital notes | - | - |
Total capital funds | 800,774 | 618,189 |

The 80 million ($1.50) ordinary shares were issued in April 1993 pursuant to the approved establishment plan and sale and purchase agreement. The shares are fully paid up.

Revaluation reserve

	2007	2006
Opening balance	431,024	431,832
Revaluation of electricity distribution network, land & buildings	184,137	-
Disposal of revalued assets	-	(808)
Deferred tax liability adjustment	-	-
	615,161	431,024

The revaluation reserve is comprised as follows:

	2007	2006
Land and buildings	86,394	44,837
Distribution system	528,767	386,187
	615,161	431,024

Financial instruments

The estimated fair values of the company’s financial instruments are as follows:

| | Carrying amount | Fair value |
| | 2007 $000 | 2007 $000 |
| | Carrying amount | Fair value |
| | 2006 $000 | 2006 $000 |
|------------------------|-----------------|------------|
| Cash and short term investments | - | - | - | -
| Borrowings | 38,300 | 38,300 | 40,000 | 40,000 |
| Interest rate swap asset| - | 430 | - | 124 |

The company anticipates that long term borrowings will be held to maturity.

VUW Te Waharoa — NZ Gazette 2008, No 25

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

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

💰 Borrowings details (continued from previous page)

Domain💰 Finance & Revenue
KeywordsBorrowings, Interest rates, Debt summary, Financial borrowings

💰 Equity Composition

Domain💰 Finance & Revenue
KeywordsEquity, Share capital, Retained earnings, Revaluation reserve

💰 Revaluation Reserve Details

Domain💰 Finance & Revenue
KeywordsRevaluation reserve, Land and buildings, Distribution system

💰 Financial Instruments Fair Values

Domain💰 Finance & Revenue
KeywordsFinancial instruments, Fair value, Borrowings, Interest rate swap

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