New Zealand Gazette – 1999 – No. 195

Page 4661

✨ Financial Statements



17 DECEMBER

NEW ZEALAND GAZETTE

4661

v) Depreciation

Rates of depreciation vary according to the nature and economic lives of the assets and fall within the following ranges;

Pipelines, Meters and Regulators 1.7% - 5.6% of cost price
Motor Vehicles 20% of cost price
Plant & Equipment 20% of cost price

vi) Intangible Assets

Identifiable Intangible Asset
The identifiable intangible asset recognises the purchase price for the gas network acquired over and above the certified ODV valuation.

The identifiable intangible assets are amortised over the expected average remaining life of the network assets of 42 years, a straight-line basis.

vii) Easements

The easements confer on AGL NZ Energy Limited the legal right to convey natural gas, as well as the right to operate, maintain and construct gas pipelines. AGL NZ Energy Limited holds these rights in perpetuity.

viii) Operating Leases

Leases that are not finance leases are classified as operating leases. Operating lease payments are recognised as an expense in the periods the amounts are payable.

(e) Changes in Accounting Policies

There have been no changes in accounting policies.



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🏭 AGL NZ Energy Limited Financial Performance Statement (continued from previous page)

🏭 Trade, Customs & Industry
Gas, Financial Statements, Accounting Policies, Revenue, Taxation, Energy