New Zealand Gazette – 1998 – No. 194

Page 4592

✨ Financial Statements

NEW ZEALAND GAZETTE

No. 194

4. Fixed Assets

	$Thousands
	1998			1997
	Cost/
Valuation	Acc. Depr.	Net Book
Value	Cost/
Valuation	Acc. Depr.	Net Book
Value
Pipelines, Compressors and Gate Stations	395,651	11,004	384,647	374,773	-
Machinery and Equipment	11,983	9,018	2,965	11,508	8,470
Motor Vehicles	1,807	1,052	755	1,801	787
Freehold Land and Buildings	3,794	573	3,221	3,681	548
Construction in Progress	2,609	-	2,609	3,218	12.5
Total	415,844	21,647	394,197	394,981	9,930

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

5. Deferred Expenditure

	$Thousands
	1998
Balance as at 1 July 1997	-
Plus Amounts Capitalised	10,860
Less Amounts Amortised to Expenses	(994)
	9,866

6. Accounts Receivable

	$Thousands
	1998
Trade Debtors	3,923
Prepayments and Sundry Receivables	5,684
Total	9,607

7. Notional Reserves

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

8. Deferred Income

	$Thousands
	1998
Balance as at 1 July 1997	9,828
Other Movements	(2,390)
Less amount amortised to earnings	(1,909)
	5,529

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

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VUW Te Waharoa — NZ Gazette 1998, No 194

NZLII — NZ Gazette 1998, No 194

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Statement of Financial Position for Natural Gas Corporation - Gas Transmission Activities (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Position, Gas Transmission, Natural Gas Corporation, Assets, Liabilities, Equity, Depreciation, Taxation

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