New Zealand Gazette – 2003 – No. 160

Page 4405

✨ Financial Statements



8. Deferred Income

$ Thousands
2003 2002
Balance as at 1 July 7 12
Less amount amortised to earnings (7) (5)
- 7

Deferred income represents contributions from customers as explained in Note 1(d)(v).

9. Capital Commitments

There were no capital amounts committed but not recorded in these financial statements (2002 $0.2 million).

Operating Lease Commitments $ Thousands
2003 2002
Non cancellable operating lease rentals are payable as follows:
Not later than one year 279 331
Between one and two years 189 306
Between two and five years 131 297
Later than five years - 30
599 964

10. Contingent Liabilities

There are no contingent liabilities which would have a material adverse effect on the financial statements. (2002: Nil).

11. 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.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 160


Gazette.govt.nz — PDF NZ Gazette 2003, No 160




✨ LLM interpretation of page content

🏭 Gas Distribution Financial Performance Statement (continued from previous page)

🏭 Trade, Customs & Industry
Gas, Financial Statements, Deferred Income, Capital Commitments, Contingent Liabilities, Financial Instruments, Interest Rate Risk, Credit Risk, Foreign Currency Risk, Fair Values