New Zealand Gazette – 2003 – No. 160

Page 4438

✨ Financial Statements



4438

NEW ZEALAND GAZETTE

No. 160

  1. Surplus before Taxation

$Thousands
2003 2002
Surplus before Taxation is stated after charging:
Audit fees and expenses 10 10

  1. Taxation

$Thousands
2003 2002
The Income Tax Expense has been calculated as follows:
Surplus before taxation 19,316 59,182
Income tax at 33% 6,374 19,530
Adjustments to tax for:
Non-deductible expenditure - 87
Tax charge 6,374 19,617

  1. Gas Entitlements

$Thousands
2003 2002
Balance expected to be realised:
Within one year 26,523 58,630
Later than one year 62,019 89,794
Advance Paid and Prepaid Gas Entitlements 88,542 148,424

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 2003 to 27 June 2009 are 61 PJ (30 June 2002, 166
PJ).

b) Advance Paid Gas
NGC purchased, from the Crown, 262.5 PJ 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 PJ of gas paid for but not taken by the
Crown under its contract with Maui Mining Companies (refer 4(c) below).

The 262.5 PJ and the 94.1 PJ were purchased for a single payment of $235 million. As at 30 June 2003
NGC had 71 PJ (30 June 2002, 83 PJ) of the Advance Paid Gas remaining. Based on the
Redetermination this may be reduced to 14.5PJ.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 160


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




✨ LLM interpretation of page content

🌾 NGC Gas Wholesaling Activities Financial Position (continued from previous page)

🌾 Primary Industries & Resources
26 November 2003
Financial Statements, Accounting Policies, Gas Wholesaling, NGC, Revenue, Expenses, Taxation