✨ Gas Information Disclosure by NGC New Zealand Limited
5020 NEW ZEALAND GAZETTE, No. 199 30 NOVEMBER 2005
7. Financial Instruments
Interest Rate Risk
There is no interest rate risk as NGC does not hold any interest bearing assets or liabilities.
Credit Risk
Financial instruments which potentially subject NGC to credit risk consist principally of cash deposits and trade debtors.
NGC places its cash deposits with a small number of banking institutions and limits the amount deposited. The credit limits based on credit quality 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.
NGC does not have any significant concentration of credit risk.
Foreign Currency Risk
NGC undertakes transactions denominated in foreign currencies from time to time resulting in exposures in foreign currencies. Other NGC Group companies manage these exposures where it is their policy to hedge foreign exchange currency risks as they arise.
Fair Values
The carrying value of cash at bank, other investments and trade creditors is equivalent to their fair value.
8. Capital and Operating Lease Commitments
There is no capital expenditure committed but not recorded in these financial statements for the year ended 30 June 2005 (30 June 2004: Nil).
| $Thousands | |
|---|---|
| 2005 |
Operating Lease Commitments
Non cancellable operating lease rentals are payable as follows:
| Not later than one year | 25 | 27 |
| Between one and two years | 14 | 25 |
| Between two and five years | 8 | 22 |
| Later than five years | - | - |
| | 47 | 74 |
9. Other Related Party Transactions
NGC Management Limited provides management services in respect of the Gas Retailing Activities. Management fees were paid to NGC Management Limited of $1.4 million (30 June 2004: $1.8 million).
Gas Retailing Activities had gas sales to Kapuni Energy Joint Venture of $5.7 million (30 June 2004: $5.4 million) and NGC New Zealand Limited $6.9 million (30 June 2004: $4.5 million).
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 199
Gazette.govt.nz —
NZ Gazette 2005, No 199
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Gas Information Disclosure by NGC New Zealand Limited
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