New Zealand Gazette – 2008 – No. 55

Page 1554

✨ Financial Statements



Eastland Network Limited – Electricity Lines Business

Notes to the financial statements (continued)

For the year ended 31 March 2007

8 Asset revaluation reserve

| | 2007
| | $'000 | 2006
| | | $'000 |
|----------------|-------|-------|
| Balance at beginning of year | 30,429 | 30,474 |
| Disposal of revalued assets – system assets | (242) | (45) |
| Balance at end of year | 30,187 | 30,429 |

9 Property, plant & Equipment

| | 2007
| | $'000 | 2006
| | | $'000 |
|----------------|-------|-------|
| System fixed assets at valuation | 106,762 | 99,631 |
| Less accumulated depreciation | (10,058) | (6,843) |
| | 96,704 | 92,788 |
| Customer billing & information system assets at cost | 1,159 | 1,159 |
| Less accumulated depreciation | (1,088) | (958) |
| | 71 | 201 |
| Motor vehicles at cost | 237 | 254 |
| Less accumulated depreciation | (155) | (171) |
| | 82 | 83 |
| Office equipment at cost | 356 | 240 |
| Less accumulated depreciation | (109) | (43) |
| | 247 | 197 |
| Land & buildings at valuation | 1,464 | 1,464 |
| Less accumulated depreciation | (111) | (75) |
| | 1,353 | 1,379 |
| Capital works under construction at cost | 1,340 | 3,095 |
| Other plant and equipment at cost | 499 | 463 |
| Less accumulated depreciation | (404) | (369) |
| | 95 | 94 |
| Total Property, plant & equipment | 99,892 | 97,837 |

Valuation

Revalued freehold land and buildings on hand at balance date are stated at net current value as determined by an independent registered valuer Roger Kelly ANZIV of the firm Valuation & Property Services in February 2005.

Network assets have been valued at Optimised Depreciated Replacement Cost as confirmed by Kerslake and Partners, Consulting Engineers, as at 31 March 2004.

Additions since valuation date are recorded at cost.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 55


Gazette.govt.nz — PDF NZ Gazette 2008, No 55




✨ LLM interpretation of page content

🏭 Eastland Network Limited – Electricity Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Operating Revenue, Operating Expenses, Commerce Commission, Electricity Information Disclosure Requirements