✨ Financial Statements
4288 NEW ZEALAND GAZETTE No. 170
2. Surplus before Taxation
| $Thousands | ||
|---|---|---|
| 2002 | 2001 |
Surplus before Taxation is stated after charging:
- Audit fees and expenses | 10 | 10 |
3. Taxation
| $Thousands | ||
|---|---|---|
| 2002 | 2001 |
The Income Tax Expense has been calculated as follows:
| Surplus before Taxation | 59,182 | 19,865 |
| Income tax at 33% | 19,530 | 6,555 |
Adjustments to tax for:
| Non-deductible expenditure | 87 | - |
| Tax Charge | 19,617 | 6,555 |
4. Gas Entitlements
| $Thousands | ||
|---|---|---|
| 2002 | 2001 |
Balance expected to be realised:
| Within one year | 58,630 | 44,285 |
| Later than one year | 89,794 | 148,874|
| Advance Paid and Prepaid Gas Entitlements | 148,424 | 193,159|
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 2002 to 27 June 2009 are 166 petajoules (30 June 2001, 191 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 2002, NGC had 83 petajoules (30 June 2001, 103 petajoules) of the Advance Paid Gas remaining.
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 170
Gazette.govt.nz —
NZ Gazette 2002, No 170
✨ LLM interpretation of page content
🏭
NGC – Gas Wholesaling Activities Notes to the Financial Statements
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Accounting Policies, Gas Wholesaling, Revenue, Expenses, Assets, Liabilities, Taxation