New Zealand Gazette – 2001 – No. 165

Page 4045

✨ Financial Statements



3. Income Tax

$Thousands
2001 2000
The Income Tax Expense has been calculated as follows:
Surplus before Taxation 43,833 46,881
Income Tax at 33% 14,465 15,471

Adjustments to tax for:

| Non-deductible expenditure | 1,181 | 1,171 |
| Tax Charge | 15,646 | 16,642 |

4. Fixed Assets

$Thousands
2001 2000
Cost/ Accumulated Net Cost/ Accumulated Net
Valuation Depreciation Book Value Valuation Depreciation Book Value
Pipelines, Compressors and Gate Stations 377,680 8,581 369,099 376,905 - 376,905
Machinery and Equipment 14,017 11,298 2,719 13,347 10,658 2,689
Motor Vehicles 1,841 1,023 818 1,850 904 946
Freehold Land and Buildings 4,155 747 3,408 4,102 697 3,405
Construction in Progress 3,542 - 3,542 3,209 - 3,209
Total 401,235 21,649 379,586 399,413 12,259 387,154

Pipelines, compressors and gate stations were revalued as at 30 June 2000 using the optimised depreciated replacement cost (deprival valuation) methodology. The valuation was reviewed and certified by Cap Gemini 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 2001.

5. Deferred Expenditure

$Thousands
2001
Balance as at 1 July 7,455
Less Amounts Amortised to Expenses (1,086)
Net Balance 6,369


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 165


Gazette.govt.nz — PDF NZ Gazette 2001, No 165




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
23 November 2001
Financial Statements, Income Tax, Fixed Assets, Depreciation, Deferred Expenditure, Natural Gas Corporation