New Zealand Gazette – 2000 – No. 159

Page 4112

✨ Financial Statements

4112 NEW ZEALAND GAZETTE No. 159

Accounts Receivable

| | $Thousands |
|-----------------------|-------------|-------------|
| | 2000 | 1999 |
| Trade Debtors | 2,241 | 2,627 |
| Prepayments and Sundry Receivables | 131 | 233 |
| Amounts Owing from NGC Group Companies | 5,525 | 5,490 |
| Accounts Receivable | 7,897 | 8,350 |

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.

Accounts Payable and Accruals

| | $Thousands |
|---------------------------------------|-------------|-------------|
| | 2000 | 1999 |
| Accounts Payable and Accrued Expenses | 17,942 | 17,610 |
| Amounts Owing to Other Natural Gas Corporation Group Companies | 1,577 | 4,178 |
| Utilities Accrued Take or Pay Liability| (165) | 7,887 |
| | 19,354 | 29,675 |

Capital Commitments

Amounts committed but not recorded in these financial statements total $nil (1999, $nil).

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 endeavour to deliver gas or refund part or all of the monies to Methanex.

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

VUW Te Waharoa — NZ Gazette 2000, No 159

Gazette.govt.nz — NZ Gazette 2000, No 159

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✨ LLM interpretation of page content

💰 Notes to the Financial Statements of Natural Gas Corporation (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Accounts Receivable, Notional Reserves, Accounts Payable, Capital Commitments, Contingent Liabilities

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