New Zealand Gazette – 2004 – No. 157

Page 3879

✨ Financial Statements



30 NOVEMBER 2004
NEW ZEALAND GAZETTE, No. 157
3879

  1. Fixed Assets

$Thousands
2004

Pipelines, Compressors and Gate Stations Cost/ Valuation Accumulated Depreciation Net Book Value Depreciation Charge
Plant and Equipment 434,875 3,175 431,700 12,616
Motor Vehicles 17,600 14,187 3,413 1,205
Freehold Land and Buildings 1,984 943 1,041 292
Construction in Progress 4,294 937 3,357 64
1,935 - 1,935 -
460,688 19,242 441,446 14,177

$Thousands
2003

Pipelines, Compressors and Gate Stations Cost/ Valuation Accumulated Depreciation Net Book Value Depreciation Charge
Plant and Equipment 443,053 - 443,053 9,025
Motor Vehicles 17,089 12,997 4,092 1,193
Freehold Land and Buildings 2,017 1,067 950 226
Construction in Progress 4,229 874 3,355 64
845 - 845 -
467,233 14,938 452,295 10,508

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 $87.87 million from the pre-reevaluation amounts. An addition of $9.4 million has been added to this amount in the current year following a further review of the ODV valuation report.

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 rates for measure and value contracts, an increase in the Capital Goods Price Index for pipelines, a reduction in the amount of optimisation of the Kapuni to Rotowaro transmission line resulting from a change from a 5-year load growth projection to a 15-year load growth projection and increases in the value of easements. The valuation was reviewed and certified by Meritec 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. Meritec Limited is an independent consulting firm and has no commercial interest in NGC.



Next Page →



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
  • Guenter Wabnitz, Senior Business Consultant for Meritec Limited