Annual Report 2010 - Christchurch City Council

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Property, plant and equipment (continued) Financial statements Annual Report Christchurch Otautahi 2010 p197. Notes to financial statements 23. Property, plant and equipment (continued) Group Each member of the group has revalued their assets in accordance with group policy. The material revaluations are detailed below. Orion New Zealand Ltd The company’s sub station land and head office premises were revalued to fair value in accordance with NZ IAS 16 as at 31 March 2010 by independent registered valuer Mr Marius Ogg of CB Richard Ellis Ltd. The revaluation resulted in a write down of the sub station land by $1.0 million (2009: $4.4 million), head office premises by $0.6 million (2009: Nil) for land and $0.3 million (2009 $0.1 million) for buildings. The company’s electricity distribution network and substation buildings were revalued at 31 March 2007 to a fair value of $854 million by Ms Lynne Taylor and Mr Craig Rice, of independent valuers, PricewaterhouseCoopers. The valuations were undertaken on an optimised depreciated replacement cost basis. In 2010 PricewaterhouseCoopers confirmed that the carrying value of the company’s distribution system fixed assets did not materially change from that which would be determined using a fair value approach as at 31 March 2010. Christchurch International Airport Ltd On 30 June 2010 buildings, car parking assets, sealed surfaces and infrastructure assets were revalued by Independent Valuers Seagar and Partners (buildings and car park assets) and Opus International Limited (sealed surfaces and infrastructure). Land and terminal facilities were revalued on 30 June 2007 by Independent Valuers Seager & Associates (land), and Opus International Ltd (terminal facilities). In 2010 management reviewed the carrying value of the Terminal Project work in progress and made an impairment adjustment of $0.5 million (2009: $4.5 million). Land and terminal facilities were reviewed for impairment as at 30 June 2010 by Seagar and Partners (land) and Opus International Ltd (terminal facilities). No adjustment for impairment was deemed necessary in relation to these assets. Vbase Ltd Vbase Ltd’s land, buildings and finance lease assets were valued by Good Earth Matters consulting Ltd at 30 June 2008 to a fair value amount of $143 million. Land was revalued to fair value using market based evidence. The building valuation was undertaken on an optimised depreciation replacement cost basis.
p198. Annual Report Christchurch Otautahi 2010 Financial statements Investment property Notes to financial statements 24. Investment property Parent Group 30 Jun 10 30 Jun 09 30 Jun 10 30 Jun 09 Actual Actual Actual Actual $000s $000s $000s $000s Balance at beginning of financial year - - 83,110 81,219 Transfer from property, plant & equipment - - (712) 1,365 Additional capitalised expenditure - - 1,025 4,952 Net gain/(loss) from fair value adjustments - - 2,087 (4,426) Balance at end of financial year - - 85,510 83,110 Group Orion New Zealand Ltd The company’s investment property was valued by independent registered valuer Mr Marius Ogg of CB Richard Ellis Limited as at 31 March 2010. The valuations were performed to assess fair value in accordance with NZ IAS 40. Primarily fair values were determined using discounted cash flow, capitalisation analysis and sales comparison approaches. Reflecting the highest and best use of the investment is as redevelopment, the sales comparison approach was adopted with the most recent land sales evidence used in analysing the underlying land values. Christchurch International Airport Ltd The valuation as at 30 June 2010 was completed by Seagar and Partners, registered valuers and member of the New Zealand Property Institute. The basis of valuation is fair value being the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion.
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Annual Report 2010 - Christchurch City Council

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