New Zealand Gazette – 2002 – No. 170

Page 4257

✨ Financial Statements

27 NOVEMBER NEW ZEALAND GAZETTE 4257

10. Capital Commitments

Amounts committed but not recorded in these financial statements total $0.2 million (2001 $0.9 million).

Operating Lease Commitments	$ Thousands
	2002

Non cancellable operating lease rentals are payable as follows:

| | | |
| Not later than one year | 331 | 166 |
| Between one and two years | 306 | 133 |
| Between two and five years | 297 | 159 |
| Later than five years | 30 | - |
| Total | 964 | 458 |

11. Contingent Liabilities

There are no contingent liabilities which would have a material adverse effect on the financial statements.

12. Financial Instruments

Interest Rate Risk

There is no interest rate risk as NGC – Distribution Activities does not hold any interest bearing assets or liabilities.

Credit Risk

Financial instruments potentially subject to credit risk are cash deposits and trade debtors. Cash deposits are placed with a small number of trading banks and the amount deposited per bank is limited. The counterparties and the credit limits are approved by the Board of Directors. NGC completes credit evaluations on customers where possible and requires a bond to be paid when customers cannot demonstrate an adequate credit history. There are no significant concentrations of credit risk.

Foreign Currency Risk

Transactions denominated in foreign currencies are undertaken from time to time and resulting from these activities exposures in foreign currencies arise, these exposures are managed by other NGC Group companies.

Fair Values

Cash at bank, other investments, trade creditors and amounts due to subsidiaries - the carrying value of these items is equivalent to their fair value.

VUW Te Waharoa — NZ Gazette 2002, No 170

Gazette.govt.nz — NZ Gazette 2002, No 170

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for NGC – Gas Distribution Activities (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Gas Distribution, Capital Commitments, Operating Lease Commitments, Contingent Liabilities, Financial Instruments, Interest Rate Risk, Credit Risk, Foreign Currency Risk, Fair Values

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