✨ Financial Statements and Disclosures
30 NOVEMBER 2004
NEW ZEALAND GAZETTE, No. 157
3859
$ Thousands
| Operating Lease Commitments | 2004 | 2003 |
|---|---|---|
| Non cancellable operating lease rentals are payable as | ||
| Not later than one year | 187 | 279 |
| Between one and two years | 34 | 189 |
| Between two and five years | 10 | 131 |
| Later than five years | - | - |
| 231 | 599 |
10. Contingent Liabilities
There are no contingent liabilities which would have a material adverse effect on the financial statements. (30 June 2003: 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 counter parties 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.
12. Related Parties Transactions
NGC Management Limited provides management services in respect of the gas distribution activities. Management fees were paid to NGC Management Limited of $3.5 million (30 June 2003: $4.1 million).
Sales of distribution services to Gas Retailing Activities were $3.9 million (30 June 2003: $9.6 million). No amounts were outstanding from related parties as at 30 June 2004 (30 June 2003: Nil).
Transactions with related parties are settled in the ordinary course of business. No amounts have been written off or forgiven during the year ended 30 June 2004 (30 June 2003: Nil).
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 157
Gazette.govt.nz —
NZ Gazette 2004, No 157
✨ LLM interpretation of page content
💰 Operating Lease Commitments
💰 Finance & RevenueOperating Lease, Financial Commitments, 2004, 2003
💰 Contingent Liabilities Disclosure
💰 Finance & RevenueContingent Liabilities, Financial Statements, Nil
💰 Financial Instruments Disclosure
💰 Finance & RevenueFinancial Instruments, Interest Rate Risk, Credit Risk, Foreign Currency Risk, Fair Values
💰 Related Parties Transactions
💰 Finance & RevenueRelated Parties, Management Fees, Sales, NGC Management Limited, Gas Retailing Activities