New Zealand Gazette – 1997 – No. 177

Page 4213

✨ Financial Statements

16 DECEMBER NEW ZEALAND GAZETTE 4213

Fixed Assets

| | Cost/
| | Valuation | Accumulated
| | | Depreciation | Net Book Value
| | $Thousands | $Thousands | $Thousands
|------------------------------|------------|--------------|---------------
| Pipelines Compressors and | | |
| Gate Stations | 374,773 | 0 | 374,773
| Machinery and Equipment | 11,508 | 8,470 | 3,038
| Motor Vehicles | 1,801 | 787 | 1,014
| Freehold Land and Buildings | 3,681 | 548 | 3,133
| Construction in Progress | 3,218 | 125 | 3,093
| | 394,981 | 9,930 | 385,051

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.

Accounts Receivable

	$Thousands
Trade Debtors	7,384
Prepayments and Sundry
Receivables	2,952
	10,336

Reserves

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

Deferred Income

	$Thousands
Balance as at 1 July 1996	11,737
Plus amount received	0
Less amount amortised to
earnings	1,909
	9,828

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

Capital Commitments

Capital amounts committed but not recorded in these financial statements total $9.45 million.

Contingent Liabilities

There are no material contingent liabilities.

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VUW Te Waharoa — NZ Gazette 1997, No 177

NZLII — NZ Gazette 1997, No 177

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsNatural Gas, Financial Statements, Gas Transmission, Revenue, Taxation, Surplus, Depreciation, Deferred Income, Audit Fees, Income Tax

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