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Note 20: Property, Plant and Equipment (continued)
Specified cultural and heritage assets
There are difficulties associated with obtaining an objective valuation for the specified cultural and heritage assets of the Government. Details of the valuations of the most significant assets within this class are discussed in the following table:
| Actual | ||
|---|---|---|
| Carrying value of specified cultural and heritage assets |
30 June 2012 $m |
30 June 2011 $m |
| National Library | 846 | 844 |
| Te Papa | 824 | 776 |
| National Archives | 446 | 440 |
| Conservation | 350 | 344 |
| Parliamentary Library | 28 | 29 |
| Other | 20 | 23 |
| 2,514 | 2,456 | |
| Description | Valuer/Reviewer | Approach | Timing |
|---|---|---|---|
| National Library collections | Internal valuation | Valued by experienced staff in accordance with guidelines released by the New Zealand Library Association. | Three-year valuation cycle with the latest full valuation completed as at 30 June 2011 |
| Te Papa collections |
Art Art & Objects Philatelic Mowbray Collectables Ltd; Archive History Webbs Auckland Ceramic Peter Wedde |
All collections are valued by based on market value by independent valuers. | Valuations completed at least once every three years with the latest valuations for all collections completed as at 30 June 2012 |
| National archives | Dunbar Sloane |
The collection was divided into categories by format and age to associate records that could be said to have a broad commonality of value. Items were then valued based on market assessments and comparisons with other items of a similar nature. | Three year cycle with the latest full valuation completed as at 30 June 2011 |
| Conservation estate visitor buildings | Internal valuation reviewed by Loganstone Limited | Revaluations use output indices, verification by site visits and independent evaluation by Loganstone Limited to determine fair value. | Annual valuation with the latest completed as at 30 June 2012 |
| Parliament Library collection | Internal valuation | Valued by experienced staff in accordance with guidelines released by the New Zealand Library Association. ODRC was used to value current use collections while permanently retained collections were valued at estimated market value using sources such as auction records and book dealers' catalogues. | Annual valuation with the latest completed as at 30 June 2012 |
Other asset classes subject to revaluation
The details of valuations for each class of property, plant and equipment are in the table below:
| Actual | ||
|---|---|---|
| Carrying value of other asset classes subject to revaluation |
30 June 2012 $m |
30 June 2011 $m |
| State highways | 17,546 | 16,802 |
| Electricity generation assets | 14,400 | 14,439 |
| Specialist military equipment | 3,220 | 3,331 |
| Aircraft (excluding military) | 2,250 | 1,805 |
| 37,416 | 36,377 | |
| Description | Valuer/Reviewer | Approach | Timing |
|---|---|---|---|
State highways |
|||
| Roads, bridges, culverts, tunnels, underpasses including the formation works, road structure, drainage works and traffic facilities. | Opus International Consultants Limited | State highways are valued using depreciated replacement cost which derives the estimated present cost of constructing the existing assets by the most appropriate method of construction, reduced by factors for the age and condition of the asset. | Annual valuation with the latest completed as at 30 June 2012 |
Electricity generation assets |
|||
| Meridian Energy: Hydro stations and wind and solar farms | Pricewaterhouse Coopers (PwC) | Based on both the capitalisation of earnings methodology, applied to Meridian as a whole, and the discounted cash flow methodology. | Valuation completed at least once every five years with the latest valuation being as at 30 June 2011 |
| Mighty River Power: Hydro and Geothermal stations and gas-fired generation plants | PwC | Based on net present value of future earnings of the assets on an existing use basis excluding disposal and restoration costs. | Valuation completed at least once every five years with the latest valuation being as at 30 June 2012 |
| Genesis Power: Thermal and Hydro stations and Wind farms | Internal valuation independently reviewed by PwC | Based on the net present value of future cash flows associated with the assets on an existing use basis excluding disposal and restoration costs. | Valuation completed at least once every five years with the latest valuation being as at 30 June 2011 |
Specialist military equipment |
|||
| Specialist Military Equipment | Valuations were independently reviewed by Beca Valuations Limited | Valuations use a market based approach unless reliable market evidence is not available, in which case optimised depreciated replacement cost (ODRC) is used to calculate fair value. | Valuation completed at least once every five years with the latest valuation being as at 30 June 2010 |
Aircraft |
|||
| Aircraft and spare engines and flight simulators | The Aircraft Value Analysis Company | An external valuation is obtained to ascertain indicative market values of each aircraft on a stand-alone basis. | Annual valuation with the latest completed as at 30 June 2012 |
