New Zealand Gazette – 2003 – No. 160

Page 4404

✨ Gas Distribution Financial Statements

4404

NEW ZEALAND GAZETTE

No. 160

rates for measure and value contracts. The valuation was reviewed and certified by Meritcc Limited, the legal entity that employed its Senior Business Consultant, Guenter Wabnitz, as the person with primary responsibility for the review of NGC’s valuation.

The independent valuer was engaged by NGC on the basis of his experience in valuations of infrastructure assets and technical and commercial expertise in New Zealand’s gas and energy sector. Meritcc Limited is an independent consulting firm and has no commercial interest in NGC.

The qualifications of Guenter Wabnitz relevant to this valuation review are:

Commercial valuations of most of New Zealand’s gas networks, for ODV, due diligence, insurance, district valuation roll and other purposes.
Over 20 years experience in management, design and operations of gas production, processing and transportation systems in New Zealand, Australia, Asia and Europe.

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 2003.

Deferred Expenditure

	$Thousands
	2003	2002
Balance as at 1 July	774	902
Less amounts amortised to expenses	(774)	(128)
	-	774

Accounts Receivable

	$Thousands
	2003	2002
Trade Debtors	1,801	14,228
Prepayments and Sundry Receivables	86	111
	1,887	14,339

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. Notional reserves therefore represent all funding provided to Gas Distribution by the NGC Group.

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
👱🏽 Names

Guenter Wabnitz, Reviewed NGC's valuation

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