✨ Financial Statements
4418 NEW ZEALAND GAZETTE No. 160
7. Financial Instruments
Interest Rate Risk - not subject to this risk as there are no interest bearing assets or liabilities.
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 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.
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.
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 (2002: $Nil).
9. Contingent Liabilities
There are no material contingent liabilities, which would have a material adverse effect on these financial statements.
10. Abnormal Item
| $ Thousands | ||
|---|---|---|
| 2003 | 2002 | |
| Gain on sale of retail gas customers | 37,124 | - |
11. Related Parties Transactions
NGC Management Limited provides services in respect of the gas retailing activities. Management fees were paid to NGC Management Limited of $2.2 million (30 June 2002: $2.2 million).
NGC Retail had sales of gas to NGC Transmission of $4.4 million (30 June 2002: $3.2 million).
Gas purchases from NGC Gas Wholesale were $5164.6 million (30 June 2002: $156.4 million), transmission purchases from NGC Transmission were $28.2 million (30 June 2002: $35.9 million), and distribution purchases from NGC Distribution of $6.3 million (30 June 2002: $26.5 million).
Transactions with related parties are settled in the ordinary course of business. No amounts have been written off or forgiven during the year ended June 2003 (2002: $nil)
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 160
Gazette.govt.nz —
NZ Gazette 2003, No 160
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Certification of Financial Statements by Auditor
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🏭 Trade, Customs & Industry20 November 2003
Financial Statements, Certification, Gas Distribution, NGC Holdings Limited, Gas (Information Disclosure) Regulations 1997