Annual Report 2010 - Christchurch City Council
Annual Report 2010 - Christchurch City Council
Annual Report 2010 - Christchurch City Council
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Property, plant and<br />
equipment (continued)<br />
Financial statements<br />
<strong>Annual</strong> <strong>Report</strong><br />
<strong>Christchurch</strong> Otautahi<br />
<strong>2010</strong><br />
p197.<br />
Notes to financial statements<br />
23. Property, plant and equipment (continued)<br />
Group<br />
Each member of the group has revalued their assets in accordance<br />
with group policy. The material revaluations are detailed below.<br />
Orion New Zealand Ltd<br />
The company’s sub station land and head office premises were<br />
revalued to fair value in accordance with NZ IAS 16 as at 31 March<br />
<strong>2010</strong> by independent registered valuer Mr Marius Ogg of CB<br />
Richard Ellis Ltd. The revaluation resulted in a write down of the<br />
sub station land by $1.0 million (2009: $4.4 million), head office<br />
premises by $0.6 million (2009: Nil) for land and $0.3 million (2009<br />
$0.1 million) for buildings.<br />
The company’s electricity distribution network and substation<br />
buildings were revalued at 31 March 2007 to a fair value of $854<br />
million by Ms Lynne Taylor and Mr Craig Rice, of independent<br />
valuers, PricewaterhouseCoopers. The valuations were undertaken<br />
on an optimised depreciated replacement cost basis. In <strong>2010</strong><br />
PricewaterhouseCoopers confirmed that the carrying value of<br />
the company’s distribution system fixed assets did not materially<br />
change from that which would be determined using a fair value<br />
approach as at 31 March <strong>2010</strong>.<br />
<strong>Christchurch</strong> International Airport Ltd<br />
On 30 June <strong>2010</strong> buildings, car parking assets, sealed surfaces<br />
and infrastructure assets were revalued by Independent Valuers<br />
Seagar and Partners (buildings and car park assets) and Opus<br />
International Limited (sealed surfaces and infrastructure).<br />
Land and terminal facilities were revalued on 30 June 2007 by<br />
Independent Valuers Seager & Associates (land), and Opus<br />
International Ltd (terminal facilities). In <strong>2010</strong> management<br />
reviewed the carrying value of the Terminal Project work in<br />
progress and made an impairment adjustment of $0.5 million<br />
(2009: $4.5 million).<br />
Land and terminal facilities were reviewed for impairment as at 30<br />
June <strong>2010</strong> by Seagar and Partners (land) and Opus International<br />
Ltd (terminal facilities). No adjustment for impairment was deemed<br />
necessary in relation to these assets.<br />
Vbase Ltd<br />
Vbase Ltd’s land, buildings and finance lease assets were valued<br />
by Good Earth Matters consulting Ltd at 30 June 2008 to a fair value<br />
amount of $143 million. Land was revalued to fair value using<br />
market based evidence. The building valuation was undertaken on<br />
an optimised depreciation replacement cost basis.