✨ Financial Statements




3 DECEMBER NEW ZEALAND GAZETTE

4403

4. Fixed Assets

$ Thousands $ Thousands
1999 1998
Cost/ Accumulated Net Book
Valuation Depreciation Value
Pipelines, Compressors
& Gate stations 98,908 2,827 96,081
Machinery & Equipment 2,313 1,353 960
Motor Vehicles 1,553 667 886
Freehold Land &
Buildings 49 6 43
102,823 4,853 97,970

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 1999.

5. Deferred Expenditure

$Thousands
1999
Balance as at 1 July
1998 1,376
Plus amounts capitalised
Less amounts amortised
to expenses (193)
1,183

6. 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.



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🏭 Natural Gas Corporation – Gas Distribution Activities Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
Natural Gas, Financial Statements, Fixed Assets, Deferred Expenditure, Notional Reserves, Accounting Policies, Gas (Information Disclosure) Regulations 1997