New Zealand Gazette – 2001 – No. 165

Page 4056

✨ Financial Statements



4056 NEW ZEALAND GAZETTE No. 165

  1. Surplus before Taxation
$Thousands
2001 2000

Surplus before Taxation is stated after charging:

Audit fees and expenses | 10 | 10 |

  1. Taxation
$Thousands
2001 2000

The Income Tax Expense has been calculated as follows:

Surplus before Taxation | 19,865 | 28,271 |
Income Tax at 33% | 6,555 | 9,329 |

  1. Gas Entitlements
$Thousands
2001 2000

Balance expected to be realised:
Within one year | 27,115 | 33,670 |
Later than one year | 166,044 | 162,338 |
Advance Paid and Prepaid Gas Entitlements | 193,159 | 196,008 |

NGC’s entitlements to gas are:

a) Take or Pay Gas Contract
NGC has contracts with the Crown, whereby it has committed to purchase gas in annual contract quantities. The remaining commitments from 1 July 2001 to 27 June 2009 are 191 petajoules (2000, 213 petajoules).

b) Advance Paid Gas
NGC purchased, from the Crown, 262.5 petajoules of Maui gas to be delivered in annual scheduled entitlements up to 2009 for a single advance payment. This gas is referred to as Advance Paid Gas and requires no further payment to the Crown when delivery is taken except for payment of the energy resource levy. NGC takes approximately one unit of Advance Paid Gas for every two units purchased under its take or pay contract with the Crown.

At the same time NGC obtained access to an additional 94.1 petajoules of gas paid for but not taken by the Crown under its contract with Maui Mining Companies (refer 4(c) below).

The 262.5 petajoules and the 94.1 petajoules were purchased for a single payment of $235 million. As at 30 June 2001 NGC had 104 petajoules (2000, 123 petajoules) of the Advance Paid Gas remaining.

c) Gasbank II
In 1992 NGC sold its entitlements to 79.8 petajoules of the 94.1 petajoules referred to above to Fletcher Challenge for $22 million. NGC retains the right at all times to uplift all or any part of the 79.8 petajoules for the original price of $22 million plus holding costs. As at 30 June 2001 NGC had repurchased 2.8 petajoules of the 79.8 petajoules.



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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 - Gas Wholesaling Activities Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
30 June 2001
Accounting Policies, Financial Statements, Gas Wholesaling, Revenue, Expenses, Assets, Gas Entitlements, Taxation, Deferred Tax, Financial Disclosure