New Zealand Gazette – 1997 – No. 177

Page 4197

✨ Financial Statements



16 DECEMBER NEW ZEALAND GAZETTE 4197

  1. Fixed Assets

| | Cost/
| | Valuation | Accumulated
| | | Depreciation | Net Book Value
| | | | $Thousands
|--------------------------------------|-----------|--------------|---------------
| Pipelines Compressors and Gate Stations | 96,857 | 0 | 96,857 |
| Machinery and Equipment | 2,437 | 1,585 | 852 |
| Motor Vehicles | 734 | 277 | 457 |
| Freehold Land and Buildings | 40 | 4 | 36 |
| | 100,068 | 1,866 | 98,202 |

Pipelines, compressors and gate stations were revalued using the optimised deprival valuation methodology as at 30 June 1996 . The latest valuation as at 30 June 1997 was reviewed and certified by Ernst and Young. Based on the latest Government valuations the Directors estimate that the fair valuation of land and buildings is approximately equivalent to their net book value as at 30 June 1997.

  1. Deferred Expenditure
$Thousands
Balance as at 1 July 1996 1,391
Plus amounts capitalised 124
Less amounts amortised to expenses 164
1,351
  1. Reserves

Gas Distribution is not a company and therefore has no share capital. The amounts for reserves attributable to Gas Distribution is calculated by reference to the equity and debt ratio of Natural Gas Corporation of New Zealand Limited.

  1. Deferred Income
$Thousands
Balance as at 1 July 1996 6,037
Plus amount received 92
Less amount amortised to earnings 312
5,817

Deferred income represents contributions from customers as explained in Note 1(d)(v).

  1. Capital Commitments

Amounts committed but not recorded in these financial statements total $ NIL million.

Operating Lease Commitments

$Thousands
Non cancellable operating lease rentals are payable as follows:
Not later than one year 362
Between one and two years 348
Between two and five years 578
Later than five years 143
1,431
  1. Contingent Liabilities

There are no material contingent liabilities.



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✨ LLM interpretation of page content

🏭 Natural Gas Corporation Financial Position Statement (continued from previous page)

🏭 Trade, Customs & Industry
Natural Gas, Financial Position, Depreciation, Deferred Income, Taxation, Deferred Expenditure