New Zealand Gazette – 1999 – No. 186

Page 4432

✨ Financial Statements



4432 NEW ZEALAND GAZETTE No. 186

The 262.5 petajoules and the 94.1 petajoules were purchased for a single payment of $235 million. As at 30 June 1999 NGC had 135 petajoules (1998, 148 petajoules) of the Advance Paid Gas remaining.

NGC has entered into an agreement with Fletcher Challenge Limited, whereby Fletcher Challenge Limited undertook to purchase from NGC, if requested, all of NGC’s Maui gas paid for but not taken in each contract year up to the year 30 September 1996. NGC, at its option, will be able to repurchase all or any of these gas entitlements at the original selling price plus holding costs. This arrangement has now concluded and NGC has given notice that it will repurchase the 12.3 petajoules of gas under this arrangement. Final payment for this gas must be made by 20 October 2000.

In 1992 NGC sold its entitlements to 79.8 petajoules of the 94.1 petajoules referred to above to Fletcher Challenge Limited for $22 million. NGC retains the right at all times to uplift all or any part of the 79.8 petajoules for the original price of $22 million plus holding costs. In the event of any redetermination of the Maui field resulting in a reduction in NGC’s annual contract quantities, Fletcher Challenge Limited will transfer back at no cost to NGC, the gas entitlements equivalent to the amount by which NGC’s annual contract quantities are reduced up to a maximum of 79.8 petajoules.

NGC has an option with Fletcher Challenge Limited to purchase up to 65 petajoules of gas. NGC must give notice that it intends to exercise this option by 1 April 2000.

4. Accounts Receivable

$Thousands
1999 1998
Trade Debtors 2,627 10,159
Prepayments and Sundry Receivables 233 456
Amounts Owing from NGC Group Companies 5,490 3,563
Total 8,350 14,178

5. Notional Reserves

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

6. Accounts Payable and Accruals

$Thousands
1999 1998
Accounts Payable and Accrued Expenses 17,610 19,813
Amounts Owing to Other Natural Gas Corporation Group Companies 4,178 5,288
Utilities Accrued Take or Pay Liability 7,887 9,892
Total 29,675 34,993


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✨ LLM interpretation of page content

🏭 Natural Gas Corporation - Gas Wholesaling Activities Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
23 November 1999
Natural Gas, Financial Statements, Performance Measures, Gas (Information Disclosure) Regulations 1997, Audited Reports