New Zealand Gazette – 2003 – No. 160

Page 4440

✨ Financial Statements

4440 NEW ZEALAND GAZETTE No. 160

8. 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.

9. Capital Commitments

Amounts committed but not recorded in these financial statements total $nil (2002, $nil).

10. Abnormal Item

$Thousands	2003	2002
Receipt of Gas Commitment Fee from the amendment of a wholesale gas contract	-	12,000

11. Contingent Liabilities

NGC has transferred 25 PJ of prepaid Maui gas to Methanex, which must be uplifted by 2006. The liability will arise if Methanex calls for prepaid gas within the terms of its own Maui contracts and the Crown does not deliver on that call. In these circumstances NGC must make its best endeavors to deliver sufficient gas to meet its remaining obligations (10.1 PJ at 30 June 2002) or refund part of the monies to Methanex.

There are no other material contingent liabilities or legal proceedings outstanding.

VUW Te Waharoa — NZ Gazette 2003, No 160

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

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✨ LLM interpretation of page content

🌾 NGC Gas Wholesaling Activities Financial Position (continued from previous page)

Domain🌾 Primary Industries & Resources
Dated26 November 2003
KeywordsFinancial Statements, Accounting Policies, Gas Wholesaling, NGC, Revenue, Expenses, Taxation

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