New Zealand Gazette – 2002 – No. 170

Page 4256

✨ Financial Statements

4256 NEW ZEALAND GAZETTE No. 170

Pipelines, compressors and gate stations were revalued using the optimised deprivation valuation methodology as at 30 June 2000. 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 2002.

5. Deferred Expenditure

	$Thousands
	2002	2001
Balance as at 1 July		1,118
Less amounts amortised to expenses	902	(216)
	(128)
	774	902

6. Accounts Receivable

	$Thousands
	2002	2001
Trade Debtors	14,228	6,374
Prepayments and Sundry Receivables	111	-
	14,339	6,374

7. Notional Reserves

NGC's Gas Distribution Activity is not a company and therefore has no share capital. Notional reserves are determined on the basis that Gas Distribution is fully equity funded by NGC of New Zealand Limited. Notional reserves therefore represent all funding provided to Gas Distribution by the NGC Group.

8. Related Party Transactions

The related party advance in 2001 was an advance to AGLNZE from AGL NZ Limited. The balance had no fixed repayment term, was unsecured and bore no interest. The loan was repaid during 2001.

9. Deferred Income

	$Thousands
	2002	2001
Balance as at 1 July	12	17
Less amount amortised to earnings	(5)	(5)
	7	12

Deferred income represents contributions from customers as explained in Note 1(d)(v).

VUW Te Waharoa — NZ Gazette 2002, No 170

Gazette.govt.nz — NZ Gazette 2002, No 170

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for NGC – Gas Distribution Activities (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Gas Distribution, Accounting Policies, NGC, AGL NZ Energy Limited

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