Note 23: Property, Plant and Equipment
|
|
GROUP
|
PARENT
|
|
|
2014
$000
|
2013
$000
|
2014
$000
|
2013
$000
|
|
|
|
|
|
|
|
Generation Assets
|
|
|
|
|
|
|
Balance at beginning of year
|
|
|
|
|
|
|
Fair value
|
|
2,482,456
|
2,488,312
|
1,880,991
|
1,881,000
|
|
Cost
|
|
8,646
|
-
|
7,001
|
-
|
|
Capital work in progress
|
|
196,651
|
19,474
|
26,227
|
14,721
|
|
Accumulated depreciation
|
|
(49,440)
|
-
|
(15,855)
|
-
|
|
|
|
2,638,313
|
2,507,786
|
1,898,364
|
1,895,721
|
|
|
|
|
|
|
|
Additions at cost
|
|
308,916
|
188,034
|
10,881
|
18,509
|
|
Depreciation
|
|
(52,146)
|
(49,898)
|
(16,448)
|
(16,025)
|
|
Disposals at net book value
|
|
(331)
|
(9)
|
(331)
|
(9)
|
|
Foreign exchange movements
|
|
(77,615)
|
(7,778)
|
-
|
-
|
|
Revaluations/transfers/impairments
|
|
(3,513)
|
178
|
(3,514)
|
168
|
|
|
|
|
|
|
|
Balance at end of year
|
|
|
|
|
|
|
Fair value
|
|
2,436,085
|
2,482,456
|
1,880,991
|
1,880,991
|
|
Cost
|
|
255,297
|
8,646
|
13,931
|
7,001
|
|
Capital work in progress
|
|
220,825
|
196,651
|
26,137
|
26,227
|
|
Accumulated depreciation
|
|
(98,583)
|
(49,440)
|
(32,107)
|
(15,855)
|
|
|
|
2,813,624
|
2,638,313
|
1,888,952
|
1,898,364
|
|
|
|
|
|
|
|
Metering Equipment
|
|
|
|
|
|
|
Balance at beginning of year
|
|
|
|
|
|
|
Cost
|
|
79,791
|
76,642
|
79,791
|
76,642
|
|
Accumulated depreciation
|
|
(47,684)
|
(42,226)
|
(47,684)
|
(42,226)
|
|
|
|
32,107
|
34,416
|
32,107
|
34,416
|
|
|
|
|
|
|
|
Additions at cost
|
|
741
|
3,138
|
741
|
3,138
|
|
Depreciation
|
|
(5,707)
|
(5,501)
|
(5,707)
|
(5,501)
|
|
Disposals at net book value
|
|
-
|
-
|
-
|
-
|
|
Transfers
|
|
66
|
54
|
66
|
54
|
|
|
|
|
|
|
|
Balance at end of year
|
|
|
|
|
|
|
Cost
|
|
80,532
|
79,791
|
80,532
|
79,791
|
|
Accumulated depreciation
|
|
(53,325)
|
(47,684)
|
(53,325)
|
(47,684)
|
|
|
27,207
|
32,107
|
27,207
|
32,107
|
|
|
|
|
|
|
|
Other Freehold Buildings
|
|
|
|
|
|
|
Balance at beginning of year
|
|
|
|
|
|
|
Cost
|
|
13,931
|
14,011
|
11,220
|
11,326
|
|
Accumulated depreciation
|
|
(3,961)
|
(3,698)
|
(3,785)
|
(3,553)
|
|
|
|
9,970
|
10,313
|
7,435
|
7,773
|
|
|
|
|
|
|
|
Additions at cost
|
|
715
|
126
|
659
|
100
|
|
Depreciation
|
|
(287)
|
(266)
|
(256)
|
(235)
|
|
Disposals at net book value
|
|
-
|
(25)
|
-
|
(25)
|
|
Transfers
|
|
(4)
|
(178)
|
(3)
|
(178)
|
|
|
|
|
|
|
|
Balance at end of year
|
|
|
|
|
|
|
Cost
|
|
14,644
|
13,931
|
11,878
|
11,220
|
|
Accumulated depreciation
|
|
(4,250)
|
(3,961)
|
(4,043)
|
(3,785)
|
|
|
10,394
|
9,970
|
7,835
|
7,435
|
|
|
|
|
|
|
|
|
GROUP
|
PARENT
|
|
|
|
2014
$000
|
2013
$000
|
2014
$000
|
2013
$000
|
|
|
|
|
|
|
|
Other Freehold Land
|
|
|
|
|
|
|
Balance at beginning of year
|
|
|
|
|
|
|
Cost
|
|
16,709
|
16,710
|
7,554
|
7,555
|
|
|
|
|
|
|
|
Additions at cost
|
|
287
|
1
|
283
|
1
|
|
Disposals at cost
|
|
-
|
-
|
-
|
-
|
|
Foreign exchange movements
|
|
(5)
|
-
|
-
|
-
|
|
Transfers
|
|
(3)
|
(2)
|
(2)
|
(2)
|
|
|
|
|
|
|
|
Balance at end of year
|
|
|
|
|
|
|
Cost
|
|
16,988
|
16,709
|
7,835
|
7,554
|
|
|
|
|
|
|
|
Other Plant and Equipment
|
|
|
|
|
|
|
Balance at beginning of year
|
|
|
|
|
|
|
Cost
|
|
35,137
|
29,828
|
27,588
|
23,236
|
|
Accumulated depreciation
|
|
(15,648)
|
(14,068)
|
(15,029)
|
(13,708)
|
|
|
19,489
|
15,760
|
12,559
|
9,528
|
|
|
|
|
|
|
|
Additions at cost
|
|
3,477
|
6,447
|
2,849
|
5,357
|
|
Depreciation
|
|
(3,254)
|
(2,392)
|
(2,846)
|
(2,137)
|
|
Disposals at net book value
|
|
(184)
|
(159)
|
(184)
|
(147)
|
|
Foreign exchange movements
|
|
(860)
|
(115)
|
-
|
-
|
|
Transfers
|
|
(262)
|
(52)
|
(260)
|
(42)
|
|
|
|
|
|
|
|
Balance at end of year
|
|
|
|
|
|
|
Cost
|
|
36,797
|
35,137
|
29,564
|
27,588
|
|
Accumulated depreciation
|
|
(18,391)
|
(15,648)
|
(17,446)
|
(15,029)
|
|
|
18,406
|
19,489
|
12,118
|
12,559
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
Balance at beginning of year
|
|
|
|
|
|
|
Fair value
|
|
2,482,456
|
2,488,312
|
1,880,991
|
1,881,000
|
|
Cost
|
|
154,214
|
137,191
|
133,154
|
118,759
|
|
Capital work in progress
|
|
196,651
|
19,474
|
26,227
|
14,721
|
|
Accumulated depreciation
|
|
(116,733)
|
(59,992)
|
(82,353)
|
(59,487)
|
|
|
2,716,588
|
2,584,985
|
1,958,019
|
1,954,993
|
|
|
|
|
|
|
|
Additions at cost
|
|
314,136
|
197,746
|
15,413
|
27,105
|
|
Depreciation
|
|
(61,394)
|
(58,057)
|
(25,257)
|
(23,898)
|
|
Disposals at net book value
|
|
(515)
|
(193)
|
(515)
|
(181)
|
|
Foreign exchange movements
|
|
(78,480)
|
(7,893)
|
-
|
-
|
|
Revaluations/transfers/impairments
|
|
(3,716)
|
-
|
(3,713)
|
-
|
|
|
|
|
|
|
|
Balance at end of year
|
|
|
|
|
|
|
Fair value
|
|
2,436,085
|
2,482,456
|
1,880,991
|
1,880,991
|
|
Cost
|
|
404,258
|
154,214
|
143,740
|
133,154
|
|
Capital work in progress – generation assets
|
|
220,825
|
196,651
|
26,137
|
26,227
|
|
Accumulated depreciation
|
|
(174,549)
|
(116,733)
|
(106,921)
|
(82,353)
|
|
|
|
2,886,619
|
2,716,588
|
1,943,947
|
1,958,019
|
|
|
|
|
|
|
|
If generation assets were stated on an historical cost basis, the amounts would be as follows:
|
|
Generation assets (at cost)
|
|
1,726,189
|
1,510,333
|
1,003,214
|
992,243
|
|
Generation assets under construction (at cost)
|
|
220,825
|
196,651
|
26,137
|
26,227
|
|
Generation assets accumulated depreciation
|
|
(409,891)
|
(359,824)
|
(183,776)
|
(167,328)
|
|
|
|
1,537,123
|
1,347,160
|
845,575
|
851,142
|
|
|
|
|
|
|
Generation assets include freehold land and buildings which are not separately identifiable from other generation assets. Generation assets were independently revalued, using a discounted cash flow methodology, as at 31 March 2012 to their estimated market value as assessed by Deloitte Corporate Finance. See note 39 for a description of the inputs used.
Included in the capital work in progress as at 31 March 2014 are capitalised borrowing costs of $8,287,000 (2013: $4,807,000).