New Zealand Gazette – 2003 – No. 160

Page 4403

✨ Financial Statements

26 NOVEMBER NEW ZEALAND GAZETTE 4403

3. Income Tax

| | $ Thousands |
|--------------------------------|-------------|-------------|
| | 2003 | 2002 |

The Income Tax Expense has been calculated as follows:


Surplus before Taxation	9,697	19,637
Income Tax at 33%	3,200	6,481
Adjusted for:
Permanent Differences	2	1
	3,202	6,482

4. Fixed Assets

| | $ Thousands |
|--------------------------------|-------------|-------------|-------------|-------------|
| | 2003 |
| | Cost/ | Accumulated| Net Book | Depreciation|
| | Valuation | Depreciation| Value | Charge |
| Pipelines, Compressors & Gate Stations | 111,666 | - | 111,666 | 3,240 |
| Plant, Equipment & Motor Vehicles | 7,268 | 4,097 | 3,171 | 1,078 |
| Work in Progress | 1,194 | - | 1,194 | - |
| Freehold Land & Buildings | 71 | 11 | 60 | 1 |
| | 120,199| 4,108 | 116,091| 4,319 |

| | $ Thousands |
|--------------------------------|-------------|-------------|-------------|-------------|
| | 2002 |
| | Cost/ | Accumulated| Net Book | Depreciation|
| | Valuation | Depreciation| Value | Charge |
| Pipelines, Compressors & Gate Stations | 113,233 | 6,929 | 106,304 | 3,924 |
| Plant, Equipment & Motor Vehicles | 4,445 | 2,999 | 1,446 | 355 |
| Work in Progress | 9,315 | - | 9,315 | - |
| Freehold Land & Buildings | 71 | 10 | 61 | 1 |
| | 127,064| 9,938 | 117,126| 4,280 |

Pipelines, compressors, and gate stations were revalued as at 30 June 2003 using the optimised deprival valuation (ODV) methodology. As a result, the valuation of pipelines, compressors and gate stations increased by $12.93 million from the pre-revaluation amounts. NGC has been completing regular revaluations of these assets since 1994 using the ODV methodology. The major assumptions resulting in the increase from the 2000 revaluation included an increase in construction

VUW Te Waharoa — NZ Gazette 2003, No 160

Gazette.govt.nz — NZ Gazette 2003, No 160

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✨ LLM interpretation of page content

🏭 Gas Distribution Financial Performance Statement (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsGas, Financial Statements, Accounting Policies, Revenue, Expenses, Fixed Assets, Valuation

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