New Zealand Gazette – 2005 – No. 199

Page 5029

✨ Financial Statements



30 NOVEMBER 2005 NEW ZEALAND GAZETTE, No. 199 5029

b) Deferred taxation has been calculated as follows:

Balance as at 1 July 81,262 81,648
Movement for the Year (Refer Note 2a) (963) (1,310)
Revaluation of Property, Plant and Equipment - 3,125
Prior Period Adjustments and Other Movements 149 (2,201)
80,448 81,262

Deferred tax includes provision for the tax effect of all differences between the tax base of assets and liabilities and their carrying amounts in the financial statements including asset revaluations.

  1. Property, Plant and Equipment

$Thousands
2005

Cost/ Valuation Accumulated Depreciation Net Book Value Depreciation Charge
Pipelines, Compressors and Gate Stations (Valuation) 440,751 15,015 425,736 11,756
Other Plant and Equipment 18,299 15,461 2,838 1,274
Motor Vehicles 2,115 1,096 1,019 222
Freehold Land 366 - 366 -
Buildings 4,075 1,021 3,054 84
Construction in Progress 7,167 - 7,167 -
472,773 32,593 440,180 13,336

$Thousands
2004

Cost/ Valuation Accumulated Depreciation Net Book Value Depreciation Charge
Pipelines, Compressors and Gate Stations (Valuation) 434,875 3,175 431,700 12,616
Other Plant and Equipment 17,600 14,187 3,413 1,205
Motor Vehicles 1,984 943 1,041 292
Freehold Land 366 - 366 -
Buildings 3,928 937 2,991 64
Construction in Progress 1,935 - 1,935 -
460,688 19,242 441,446 14,177

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 $87.9 million from the pre-revaluation amounts. An addition of $9.4 million has been added to this amount for the year ended 30 June 2004 following a further review of the ODV valuation report.

The ODV methodology revalues the assets subject to revaluation at the lower of optimised depreciated replacement cost (ODRC) and economic value which is equivalent to fair value.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 199


Gazette.govt.nz — PDF NZ Gazette 2005, No 199




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for NGC Gas Transmission Activities (continued from previous page)

🏭 Trade, Customs & Industry
30 June 2005
Financial Statements, Deferred Taxation, Property, Plant, Equipment, Depreciation, Valuation, Pipelines, Compressors, Gate Stations, Motor Vehicles, Buildings, Construction