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Note 18:  Revaluation Reserves

Forecast Actual
Original Budget $m Estimated Actual $m 30 June 2005 $m 30 June 2004 $m
15,682 19,838 Opening Balance 19,838 15,624
Net Revaluations
- 18 Land and buildings 3,368 3,855
- - State highways 1,417 308
- - TEIs 341 -
- 600 Electricity generation assets 1,986 -
- - Other assets 1,085 50
- 618 Total Net Revaluations 8,197 4,213
- 2 Transfers to taxpayer funds (47) 1
15,682 20,458 Closing Asset Revaluation Reserve 27,988 19,838
Asset Revaluation Reserve (by component total)
9,060 12,893 Land and buildings 16,194 12,873
709 1,309 Electricity distribution assets 2,695 709
2,958 3,266 State Highways 4,683 3,266
974 974 TEIs 1,315 974
1,981 2,016 Other assets 3,101 2,016
15,682 20,458 Closing Asset Revaluation Reserve 27,988 19,838

Note 19: Foreign Currencies

All monetary amounts in these financial statements are expressed in New Zealand dollars. The New Zealand dollar closing rates for major currencies were:

30 June 2005 30 June 2004
United States dollar 0.70100 0.62760
Japanese yen 77.2650 68.0900
British pound 0.38760 0.34700
Euro 0.57950 0.51890
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