New Zealand Gazette – 2002 – No. 170

Page 4276

✨ Financial Statements



4276 NEW ZEALAND GAZETTE No. 170

  1. Income Tax
$Thousands
2002 2001

a) The Income Tax Expense has been calculated as follows:

| Surplus before Taxation | 45,438 | 43,833 |
| Income Tax at 33% | 14,995 | 14,465 |
| Adjustments to tax for: | | |
| Non-deductible expenditure | 1,174 | 1,181 |
| Tax Charge | 16,169| 15,646|

  1. Fixed Assets

| | 2002 |||
|--------------------------|----------------|-------------------|-------------|------------------|
| | Cost/
| Valuation | Accumulated | Net Book | Depreciation |
| | | Depreciation | Value | Charge |
| Pipelines, Compressors |
and Gate Stations | 378,820 | 17,307 | 361,513 | 8,741 |
| Plant and Equipment | 14,052 | 11,808 | 2,244 | 494 |
| Motor Vehicles | 1,945 | 971 | 974 | 223 |
| Freehold Land and |
Buildings | 4,212 | 810 | 3,402 | 64 |
| Construction in Progress | 5,358 | - | 5,358 | - |
| Total | 404,387 | 30,896 | 373,491 | 9,522 |

| | 2001 |||
|--------------------------|----------------|-------------------|-------------|------------------|
| | Cost/
| Valuation | Accumulated | Net Book | Depreciation |
| | | Depreciation | Value | Charge |
| Pipelines, Compressors |
and Gate Stations | 377,680 | 8,581 | 369,099 | 8,898 |
| Plant and Equipment | 14,017 | 11,298 | 2,719 | 630 |
| Motor Vehicles | 1,841 | 1,023 | 818 | 197 |
| Freehold Land and |
Buildings | 4,155 | 747 | 3,408 | 50 |
| Construction in Progress | 3,542 | - | 3,542 | - |
| Total | 401,235 | 21,649 | 379,586 | 9,775 |

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



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 170


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




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
30 June 2002
Financial Statements, Accounting Policies, Depreciation, Deferred Income, Taxation, Deferred Expenditure, NGC, Gas Transmission