NEW ZEALAND GAZETTE, No. 25

29 FEBRUARY 2012

Notes to and Forming Part of the Financial Statements
For the year ended 30 June 2010

GAS DIVISION

7 PROPERTY, PLANT AND EQUIPMENT

| | Network assets
NZ'000 | Plant and equipment
NZ'000 | Work in progress
NZ'000 | TOTAL
NZ'000 |
|--------------------------|-----------------------|---------------------------|----------------------------|------------------|
| Gross carrying value | | | |
| Balance at 30 June 2009 | 445,061 | 11,603 | 595 | 457,259 |
| Transfers | 1,032 | 303 | (1,386) | - |
| Additions | 1,189 | 668 | 9,586 | 11,423 |
| Balance at 30 June 2010 | 447,312 | 12,574 | 8,795 | 468,682 |
| Transfers | 9,654 | - | (9,654) | - |
| Additions | - | 718 | 10,329 | 11,045 |
| Disposals | - | (340) | - | (340) |
| Balance at 30 June 2011 | 456,966 | 13,290 | 9,470 | 479,396 |

| | | | |
| Accumulated depreciation |
| Balance at 30 June 2009 | 70,852 | 5,751 | - | 76,603 |
| Depreciation expense | 9,523 | 906 | - | 10,428 |
| Balance at 30 June 2010 | 80,375 | 6,656 | - | 87,031 |
| Depreciation expense | 9,454 | 851 | - | 10,305 |
| Balance at 30 June 2011 | 89,829 | 7,517 | - | 97,346 |

| Net book value 30 June 2010 | 366,937 | 5,918 | 8,795 | 381,650 |
| Net book value 30 June 2011 | 367,137 | 5,773 | 9,430 | 382,340 |

8 OTHER INTANGIBLES

| | Software
NZ'000 | TOTAL
NZ'000 |
|--------------------------|----------------------|-----------|
| Gross carrying value | |
| Balance at 30 June 2009 | 1,669 | 1,669 |
| Additions | 163 | 163 |
| Balance at 30 June 2010 | 1,832 | 1,832 |
| Additions | 598 | 598 |
| Balance at 30 June 2011 | 2,430 | 2,430 |

| Accumulated amortisation |
| Balance at 30 June 2009 | 1,253 | 1,253 |
| Amortisation expense | 257 | 257 |
| Balance at 30 June 2010 | 1,510 | 1,510 |
| Amortisation expense | 271 | 271 |
| Balance at 30 June 2011 | 1,781 | 1,781 |

| Net book value 30 June 2010 | 322 |
| Net book value 30 June 2011 | 649 |