New Zealand Gazette – 1999 – No. 186

Page 4421

✨ Financial Statements



3 DECEMBER NEW ZEALAND GAZETTE 4421

  1. Surplus before Taxation

$Thousands

Surplus before Taxation is stated after charging: 1999 1998
Audit fees and expenses 30 30
Depreciation 13,268 12,559
  1. Income Tax

$Thousands

The Income Tax Expense has been calculated as follows: 1999 1998
Surplus before Taxation 38,370 41,331
Income Tax at 33% 12,662 13,639
Adjustments to tax for:
Non-deductible expenditure 1,253 1,140
Tax Charge 13,915 14,779
  1. Fixed Assets

$Thousands

1999 1998
Cost/ Accumulated Net Book Cost/ Accumulated Net Book
Valuation Depreciation Value Valuation Depreciation Value
Pipelines, Compressors and Gate Stations 401,148 23,236 377,912 395,651 11,004 384,647
Machinery and Equipment 12,647 9,920 2,727 11,983 9,018 2,965
Motor Vehicles 1,849 873 976 1,807 1,052 755
Freehold Land and Buildings 3,903 573 3,330 3,794 573 3,221
Construction in Progress 4,920 - 4,920 2,609 - 2,609
424,467 34,602 389,865 415,844 21,647 394,197

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 1999.



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✨ LLM interpretation of page content

🏭 Natural Gas Corporation - Gas Transmission Activities Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Natural Gas, Financial Performance, Gas (Information Disclosure) Regulations 1997, Accounting Policies, Construction in Progress, Current Assets, Depreciation, Deferred Income, Taxation, Deferred Expenditure