New Zealand Gazette – 1998 – No. 194

Page 4603

✨ Financial Statements

30 NOVEMBER NEW ZEALAND GAZETTE 4603

5. Accounts Receivable

	$Thousands
	1998	1997
Trade Debtors	10,159	13,308
Prepayments and Sundry Receivables	456	372
Utilities Take or Pay Debtor	-	16,325
Amounts Owing from NGC Group Companies	3,563	4,201
Total	14,178	34,206

6. Notional Reserves

Gas Wholesaling is not a company and therefore has no share capital. Notional reserves are determined on the basis that the Gas Wholesaling is fully equity funded by Natural Gas Corporation of New Zealand Limited. Notional Reserves therefore represents all funding provided to Gas Wholesaling by the Natural Gas Corporation Group.

7. Accounts Payable and Accruals

	$Thousands
	1998	1997
Accounts Payable and Accrued Expenses	19,813	20,835
Amounts Owing to Other Natural Gas Corporation Group Companies	5,288	10,848
Utilities Accrued Take or Pay Liability	9,892	14,511
Total	34,993	46,192

8. Capital Commitments

Amounts committed but not recorded in these financial statements total $nil.

9. Contingent Liabilities

NGC has transferred 25 petajoules of prepaid Maui gas to Methanex, which must be uplifted by 2006. In the unlikely event that the Crown is unable to deliver these gas entitlements to Methanex, because of the failure of the Maui field, NGC must make its best endeavours to deliver gas or refund part or all of the monies to Methanex.

There are no other material contingent liabilities or legal proceedings outstanding.

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VUW Te Waharoa — NZ Gazette 1998, No 194

NZLII — NZ Gazette 1998, No 194

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✨ LLM interpretation of page content

🏭 Natural Gas Corporation Financial Position Statement (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Position, Gas Entitlements, Assets, Liabilities, Equity

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