New Zealand Gazette – 1998 – No. 194

Page 4576

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 194

  1. Fixed Assets
1998 $Thousands 1997
Cost/
Valuation Accumulated
Depreciation Net Book
Value Cost/
Valuation Accumulated
Depreciation Net Book
Value
Pipelines Compressors and Gate Stations 100,963 3,316 97,647 96,857 - 96,857
Machinery and Equipment 4,741 3,215 1,526 2,437 1,585 852
Motor Vehicles 1,278 450 828 734 277 457
Freehold Land and Buildings 49 5 44 40 4 36
Total 107,031 6,986 100,045 100,068 1,866 98,202

Pipelines, compressors and gate stations were revalued using the optimised deprival valuation methodology as at 30 June 1997. The valuation 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 1998.

  1. Deferred Expenditure
$Thousands
1998
Balance as at 1 July 1997
Plus amounts capitalised 211
Less amounts amortised to expenses (186)
1,376
  1. Notional Reserves

Gas Distribution is not a company and therefore has no share capital. Notional reserves are determined on the basis that Distribution is fully equity funded by Natural Gas Corporation of New Zealand Limited. Notional Reserves therefore represent all funding provided to Distribution by the Natural Gas Corporation Group.

  1. Deferred Income
$Thousands
1998
Balance as at 1 July 1997
Plus amount received 63
Less amount amortised to earnings (316)
5,564

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 $4.3 million (1997 nil).

Operating Lease Commitments 1998 1997
Non cancellable operating lease rentals are payable as follows:
Not later than one year 320 362
Between one and two years 268 348
Between two and five years 472 578
Later than five years 203 143
1,263 1,431
  1. Contingent Liabilities

There are no material contingent liabilities (1997 nil).



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

🏭 Trade, Customs & Industry
Financial Performance, Revenue, Surplus, Taxation, Natural Gas, Accounting Policies