β¨ 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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VUW Te Waharoa —
NZ Gazette 1999, No 186
NZLII —
NZ Gazette 1999, No 186
β¨ LLM interpretation of page content
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Natural Gas Corporation β Gas Distribution Activities Financial Statements Notes
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π Trade, Customs & IndustryNatural Gas, Financial Statements, Fixed Assets, Deferred Expenditure, Notional Reserves, Accounting Policies, Gas (Information Disclosure) Regulations 1997