✨ Financial Statements Notes
7. Financial Instruments
Interest Rate Risk - not subject to this risk as there are no interest bearing assets or liabilities.
Credit Risk - 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 Board of Directors approves the counter parties and the credit limits. 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.
8. Capital Commitments
Amounts committed but not recorded in these financial statements total $Nil (2000: $Nil).
Operating Lease Commitments
| $ Thousands | |
|---|---|
| 2002 | |
| Non cancelable operating lease rentals are payable as follows: | |
| Not later than one year | - |
| Between one and two years | - |
| Between two and five years | - |
| Later than five years | - |
9. Contingent Liabilities
There are no material contingent liabilities, which would have a material adverse effect on these financial statements.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 170
Gazette.govt.nz —
NZ Gazette 2002, No 170
✨ LLM interpretation of page content
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Notes to the Financial Statements for NGC – Gas Retailing Activities
(continued from previous page)
🏭 Trade, Customs & Industry30 June 2002
Financial Statements, Interest Rate Risk, Credit Risk, Foreign Currency Risk, Fair Values, Capital Commitments, Operating Lease Commitments, Contingent Liabilities, NGC