New Zealand Gazette – 2005 – No. 199

Page 5031

✨ Financial Statements



30 NOVEMBER 2005
NEW ZEALAND GAZETTE, No. 199
5031

  1. Accounts Payable and Provisions
$Thousands
2005 2004
Accounts Payable 791 831
Accrued Expenses 1,493 796
Employee Entitlements - 583
Provisions 960 850
3,244 3,060

The movement in provisions is shown below.

Provisions

$Thousands
2005 2004
Balance as at 1 July 850 -
Additional Provision Made 210 850
Amounts Utilised (100) -
Unused Provision Reversed - -
Balance as at 30 June 960 850

This balance includes provisions for various commercial matters expected to be settled in the following year.

  1. 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.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 199


Gazette.govt.nz — PDF NZ Gazette 2005, No 199




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for NGC Gas Transmission Activities (continued from previous page)

🏭 Trade, Customs & Industry
30 June 2005
Financial Statements, Accounts Payable, Provisions, Interest Rate Risk, Credit Risk, Foreign Currency Risk