New Zealand Gazette – 2001 – No. 165

Page 4057

✨ Financial Statements



30 NOVEMBER NEW ZEALAND GAZETTE 4057

d) Kapuni Indemnity Gas

NGC has exercised its option to purchase up to 70 petajoules of gas from Fletcher Challenge Energy starting in 2005.

  1. Accounts Receivable

| | $Thousands |
|-------------------------------|---------------|---------------|
| | 2001 | 2000 |
| Trade Debtors | 3,738 | 2,241 |
| Prepayments and Sundry Receivables | 141 | 131 |
| Amounts Owing from NGC Group Companies | 7,261 | 5,525 |
| | | |
| Accounts Receivable | 11,140 | 7,897 |

  1. 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 all represent all funding provided to Gas Wholesaling by the Natural Gas Corporation Group.

  1. Accounts Payable and Accruals

| | $Thousands |
|-------------------------------|---------------|---------------|
| | 2001 | 2000 |
| Accounts Payable and Accrued Expenses | 18,180 | 17,942 |
| Amounts Owing to Other Natural Gas Corporation Group Companies | 1,535 | 1,577 |
| Accrued Take or Pay Liability | - | (165) |
| | | |
| Accounts Payable and Accruals | 19,715 | 19,354 |

  1. Capital Commitments

Amounts committed but not recorded in these financial statements total $nil (2000, $nil).

  1. 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.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 165


Gazette.govt.nz — PDF NZ Gazette 2001, No 165




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
30 June 2001
Accounting Policies, Financial Statements, Gas Wholesaling, Revenue, Expenses, Assets, Gas Entitlements, Taxation, Deferred Tax, Financial Disclosure