✨ Financial Statements
30 NOVEMBER 2009 NEW ZEALAND GAZETTE, No. 173 4251
NGC HOLDINGS LIMITED
GAS TRANSMISSION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2009
- NOTIONAL RESERVES
| 2009 | 2008 | |
|---|---|---|
| $'000 | $'000 | |
| Balance at beginning of the period | 139,822 | 114,247 |
| Operating surplus for the period | 29,060 | 25,575 |
| Decrease due to debt-equity ratio reset | (26,437) | - |
| Balance at end of the period | 142,445 | 139,822 |
Notional reserves is determined by adjusting debt and equity balances such that the debt to equity ratio is consistent with the Vector group. The debt and equity balances have been reset in 2009 to reflect the change in the Vector group's debt to equity ratio, which changed significantly during the year due to the sale of Wellington electricity network and the subsequent restructuring of various financing arrangements.
- INTANGIBLE ASSETS
2009
| COST | ACCUMULATED AMORTISATION | CARRYING AMOUNT | |
|---|---|---|---|
| $'000 | $'000 | $'000 | |
| Software | 37,711 | (26,023) | 11,688 |
| Total | 37,711 | (26,023) | 11,688 |
2008
| COST | ACCUMULATED AMORTISATION | CARRYING AMOUNT | |
|---|---|---|---|
| $'000 | $'000 | $'000 | |
| Software | 27,539 | (18,920) | 8,619 |
| Total | 27,539 | (18,920) | 8,619 |
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NZ Gazette 2009, No 173
✨ LLM interpretation of page content
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Notes to the Financial Statements for NGC Holdings Limited
(continued from previous page)
💰 Finance & Revenue30 June 2009
Financial Statements, Notional Reserves, Intangible Assets, NGC Holdings Limited