✨ Financial Statements
25 FEBRUARY 2008
NEW ZEALAND GAZETTE, No. 35
819
Intangible Assets
a) Goodwill
| 2007 $ | 2006 $ | |
|---|---|---|
| 0 | 0 |
b) Other intangible assets not listed in (a)
| 2007 $ | 2006 $ | |
|---|---|---|
| 0 | 0 |
c) Total Intangible Assets
| 2007 $ | 2006 $ | |
|---|---|---|
| 0 | 0 |
FIXED ASSETS DEPRECIATION
Distribution System
| 2007 $ | 2006 $ | |
|---|---|---|
| 132,815,999 | 123,452,205 | |
| Accumulated Depreciation | 11,284,157 | 7,519,572 |
| 121,531,842 | 115,932,633 |
Land & Buildings
| 2007 $ | 2006 $ | |
|---|---|---|
| 3,051,380 | 2,775,612 | |
| Accumulated Depreciation | 734,075 | 660,732 |
| 2,317,305 | 2,114,880 |
Motor Vehicles
| 2007 $ | 2006 $ | |
|---|---|---|
| 866,123 | 793,824 | |
| Accumulated Depreciation | 639,588 | 579,805 |
| 226,535 | 214,019 |
Plant, Furniture & Equipment
| 2007 $ | 2006 $ | |
|---|---|---|
| 4,829,844 | 4,420,112 | |
| Accumulated Depreciation | 4,009,273 | 3,669,031 |
| 820,571 | 751,081 |
Work in Progress
| 2007 $ | 2006 $ | |
|---|---|---|
| 3,086,387 | 1,879,400 |
Total Non Current Assets
| 2007 $ | 2006 $ | |
|---|---|---|
| 127,982,640 | 120,892,013 |
Distribution assets were revalued by PricewaterhouseCoopers as at 31 March 2004
The directors believe that rating valuation is a fair representation of the company’s land and buildings excluding the administration buildings. The rating valuation of land and buildings as at 1 July 2006 excluding administration land and buildings is $820,822. A commercial valuation has been obtained from Cunneen McLeod Valuation Ltd registered public valuers for the administration land and buildings giving a current market value at 12 April 2007 of $4.9M.
10 FINANCIAL INSTRUMENTS
Electricity Ashburton Limited estimates that in respect of the reported Financial Instruments being cash, bank deposits, account receivables and investments reported in the financial statement:
a) Fair value is equivalent to carrying an amount as stated in the statement of financial position.
b) Concentration of credit risk is minimised in respect of:
i) Receivables, the company has exposure of credit risk by having six line customers. Credit risk with each of these customers is managed by a use of system agreement. The company performs credit evaluations where considered necessary
ii) Bank deposits, by a specific policy of spreading investments between registered trading banks, Canterbury Building Society and the Loan and Building Society.
iii) Cash, by being held in minimal quantities.
The Company has a $10 million multi option credit line facility and a $500,000 overdraft facility with Westpac. During the year being reported an additional $12M multi option facility has been established with BNZ. All loan facilities with BNZ and Westpac are secured by a negative pledge over assets. During the year the company uplifted loans to the value of $4.5M million from BNZ and Westpac. Interest rates for existing loans are between 6.79% and 6.18% and expire on 25 July 2011. At balance date the company had a forward exchange transaction with Westpac for $US75,000 at $0.6094 with an expiry date of 27.06.07 to cover imported consignment stock.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 35
Gazette.govt.nz —
NZ Gazette 2008, No 35
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Electricity Ashburton Ltd Financial Statements Notes
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🏭 Trade, Customs & Industry31 March 2007
Financial Statements, Intangible Assets, Fixed Assets, Depreciation, Financial Instruments, Credit Risk, Loans