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New Zealand Gazette – 2006 – No. 154

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✨ Financial Statements Notes

4484

NEW ZEALAND GAZETTE, No. 154

28 NOVEMBER 2006

NGC Gas Wholesaling Activities

Notes to the Financial Statements

For the Year Ended 30 June 2006

For the purposes of the Gas (Information Disclosure) Regulations 1997

Income Tax (Continued)

	$Thousands
	2006	2005
b) Deferred Tax
Balance as at 1 July	2,196	3,562
Movement for the Year	(3,074)	(1,366)
Balance as at 30 June	(878)	2,196

Prepaid Gas

	$Thousands
	2006	2005
Maui Prepaid Gas
Balance expected to be realised:
Later than one year	4,932	11,458
Within one year	7,950	19,180
	12,882	30,638

a) Maui Gas

NGC has entered into variations to its Maui gas contracts which set the total amount of gas to be delivered under the contracts at the quantity determined by the independent expert on 7 February 2003. Under the variations the redetermined amount of gas would be delivered and there would be no further redeterminations. Further, if the Maui Mining Companies do not deliver this quantity they must supply 'make up' gas for any shortfall from another supply or pay liquidated damages for any undelivered gas. At 30 June 2006, NGC has 12.7PJ (30 June 2005: 25.3PJ) of remaining Maui gas entitlements. As part of these variations to the Maui gas contracts NGC is guaranteed delivery of 11.6PJ (30 June 2005: 23.2PJ) of its remaining Maui gas from its original Advance Paid and Prepaid gas entitlements. The Advance Paid and Prepaid gas entitlements require no further payment to the Crown when delivery is taken except for payment of the energy resource levy. The remaining 1.1PJ (30 June 2005: 2.1PJ) can be uplifted by NGC at the previous contract prices. As part of the variations executed to the original agreement, NGC also has a right of first refusal at market price along with Contact Energy (Contact) over any additional gas found beyond the redetermined amount after first reserving 40PJ for Methanex New Zealand Limited (Methanex).

VUW Te Waharoa — NZ Gazette 2006, No 154

Gazette.govt.nz — NZ Gazette 2006, No 154

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✨ LLM interpretation of page content

💰 Certification of NGC Gas Wholesaling Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
Dated9 November 2006
KeywordsFinancial Statements, Gas Wholesaling, Audit, Regulation Compliance, Accounting Policies, Taxation, Comparatives

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