New Zealand Gazette – 2004 – No. 157

Page 3878

✨ Financial Statements



3878 NEW ZEALAND GAZETTE, No. 157 30 NOVEMBER 2004

vii) Deferred Expenditure

Deferred expenditure is expenditure which provides benefits beyond the current accounting period. These expenditures include the connection of new customers to the gas system and the conversion of existing customers’ appliances to the use of natural gas which are written off over periods up to ten years, and financing costs which are amortised to earnings over the remaining life of the relevant lending facility.

e) Changes in Accounting Policy and Comparatives

Management fees allocated to the Transmission business have been calculated and presented under the Avoidable Cost Allocation Methodology (ACAM) for the 2004 results. This has resulted in the management fee being $0.7 million lower than was actually charged in the current year. Otherwise, there have been no changes in accounting policies. These policies have been applied on a consistent basis during the year.

  1. Surplus before Taxation
$Thousands
2004
Surplus before Taxation is stated after charging:
Audit fees and expenses 128
Depreciation 14,177
Amortisation 1,086
Leasing Costs 48
  1. Income Tax
$Thousands
2004
The Income Tax Expense has been calculated as follows:
Surplus before Taxation 41,672
Income Tax at 33% 13,752
Adjustments to tax for:
Prior Period Adjustment (29)
Non-deductible expenditure 1,182
Tax Charge 14,905


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 157


Gazette.govt.nz — PDF NZ Gazette 2004, No 157




✨ LLM interpretation of page content

🏭 Certification of NGC Gas Transmission Activities Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
30 June 2004
Financial Statements, Revenue, Expenses, Gas Transmission, NGC, Accounting Policies