✨ Financial Statements
5032 NEW ZEALAND GAZETTE, No. 199 30 NOVEMBER 2005
Fair Values
The carrying value of cash at bank, other investments and trade creditors is equivalent to their fair value.
9. Capital and Operating Lease Commitments
Capital expenditure committed but not recorded in these financial statements totals $2.1 million (30 June 2004: Nil).
| $Thousands | ||
|---|---|---|
| 2005 | 2004 | |
| Operating Lease Commitments |
Non cancellable operating lease rentals are payable as follows:
| Not later than one year | 28 | 47 |
| Between one and two years | 6 | 35 |
| Between two and five years | 5 | - |
| Later than five years | - | - |
| Total | 39 | 82 |
10. Other Related Party Transactions
NGC Management Limited provides management services in respect of Gas Transmission Activities. Management fees were paid to NGC Management Limited of $9.3 million (30 June 2004: $8.9 million).
Sales for transmission and maintenance services to NGC New Zealand Limited were $26.8 million (30 June 2004: $27.0 million).
Fuel Gas purchases, including UFG adjustment and operational swaps, from NGC New Zealand Limited of $4.5 million (30 June 2004: $2.8 million).
Purchases of mechanical services from NGC New Zealand Limited were $0.9 million (30 June 2004: $0.7 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 30 June 2005 (30 June 2004: Nil).
11. Contingencies
There are no contingencies which would have a material adverse effect on these financial statements (30 June 2004: Nil).
12. Events Subsequent to Balance Date
Subsequent to 30 June 2005:
On 27 June 2005, Vector launched its initial public offering (IPO) of 24.9% of its shares. As part of the IPO, Vector made a full takeover offer to purchase all of the NGC shares on issue not already held by Vector.
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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
✨ LLM interpretation of page content
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Notes to the Financial Statements for NGC Gas Transmission Activities
(continued from previous page)
🏭 Trade, Customs & Industry30 June 2005
Financial Statements, Fair Values, Capital Lease Commitments, Operating Lease Commitments, Related Party Transactions, Contingencies, Events Subsequent to Balance Date