New Zealand Gazette – 2006 – No. 154

Page 4486

✨ Financial Statements Notes



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

  1. Accounts Receivable
$Thousands
2006 2005
Balance Expected to be Realised:
Within One Year
Trade Debtors 5,200 7,574
Prepayments and Sundry Receivables 1,072 1,723
6,272 9,297

| Later than One Year | 1,400 | 6,774 |
| Total Accounts Receivable | 7,672 | 16,071 |

Receivables due later than one year consist of a refund for gas purchases relating to a gas supply contract with Maui Development Limited.

  1. Notional Reserves
$Thousands
2006 2005
Balance as at 1 July 18,635 56,159
Movement for the period (18,535) (37,524)
Balance as at 30 June 100 18,635

NGC’s Gas Wholesaling Activities is not a company and therefore has no share capital. Notional reserves are determined on the basis that NGC Gas Wholesaling Activities is fully equity funded by the NGC Group. Notional reserves therefore represent all funding provided to NGC Gas Wholesaling Activities by the group. A notional dividend has been paid to the group during the current year.

  1. Gas Advance

The gas advance relates to the delivery by Contact Energy Limited of 2.5PJ of gas (sourced from Maui) under a swap arrangement during the year ended 30 June 2005. It is expected that the same amount of gas will be returned to Contact Energy Limited before 30 June 2007.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 154


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




✨ LLM interpretation of page content

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

💰 Finance & Revenue
9 November 2006
Financial Statements, Gas Wholesaling, Accounts Receivable, Notional Reserves, Gas Advance, Audit, Regulation Compliance, Accounting Policies, Taxation, Comparatives