✨ Financial Statements Notes
VECTOR LIMITED
ELECTRICITY LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2007 (CONTINUED)
11. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
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 $2.3 million (31 March 2006: $1.6 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 CA; BA (Hons) |
| Lynne Taylor | PricewaterhouseCoopers BSoc.Sci (Hons) Economics |
| Trevor Walker | Telfer Young Ltd Dip Val; ANZIV; SNZP; Registered Valuer |
| Jeffrey Wilson | Wilson Cook & Co Ltd ME; BCom; CEng; FIEE; FIPENZ; MIEEE |
12. GOODWILL
| 2007 | 2006 | |
|---|---|---|
| $'000 | $'000 | |
| Balance at beginning of the year | 499,470 | 531,890 |
| Prior period adjustment | - | (2,176) |
| Amortisation in the financial year | (30,244) | (30,244) |
| Balance at end of the year | 469,226 | 499,470 |
Goodwill is amortised over a period of up to 20 years. The prior period adjustment is the result of an amendment to the goodwill allocation methodology.
13. PAYABLES AND ACCRUALS
| 2007 | 2006 | |
|---|---|---|
| $'000 | $'000 | |
| Current | ||
| Trade payables and other creditors | 89,783 | 62,323 |
| Provision for employee entitlements | 2,115 | 2,135 |
| Interest payable | 23,135 | 20,789 |
| Other provisions | 148 | 231 |
| Total | 115,181 | 85,478 |
| Non-current | ||
| Other non-current payables | 451 | 507 |
| Total | 451 | 507 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 39
Gazette.govt.nz —
NZ Gazette 2008, No 39
✨ LLM interpretation of page content
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Notes to the Financial Statements for Vector Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Property, Plant, Equipment, Valuation, Depreciation, Vector Limited, Goodwill, Payables, Accruals
- Eric Lucas, Valuation consultant
- Lynne Taylor, Valuation consultant
- Trevor Walker, Valuation consultant
- Jeffrey Wilson, Valuation consultant