New Zealand Gazette – 2005 – No. 199

Page 5030

✨ Financial Statements Notes



5030 NEW ZEALAND GAZETTE, No. 199 30 NOVEMBER 2005

NGC has completed 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 optimisation of the Kapuni to Rotowaro transmission line due to a change from a 5-year to a 15-year load growth projection and increases in the value of easements. The valuation was reviewed and certified by Maunsell Limited (formerly 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 valuing infrastructure assets and technical and commercial expertise in New Zealand’s gas and energy sector. Maunsell 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.
  1. Deferred Expenditure
$Thousands
2005
Balance as at 1 July 3,111
Less Amounts Amortised to Expenses (1,086)
2,025
  1. Accounts Receivable
$Thousands
2005
Trade Debtors 5,631
Prepayments and Sundry Receivables 142
5,773
  1. Notional Reserves
$Thousands
2005
Notional Reserves
Balance as at 1 July 368,502
Movement for the period 943
Balance as at 30 June 369,445

NGC’s Gas Transmission Activities is not a company and therefore has no share capital. Notional reserves are determined on the basis that Gas Transmission Activities is fully equity funded by the NGC Group. Notional reserves therefore represent all funding provided to Gas Transmission Activities by the NGC Group.



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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
  • Guenter Wabnitz (Senior Business Consultant), Reviewed NGC's valuation

  • Maunsell Limited