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New Zealand Gazette – 2006 – No. 154

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✨ 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

8. Financial Instruments (Continued)

Foreign Currency Risk

Transactions that are denominated in foreign currencies from time to time result in exposure to foreign currencies. These exposures are managed in accordance with treasury policy.

Fair Values

The carrying value of trade receivables and payables, cash and short term deposits is equivalent to their fair value.

9. Capital and Operating Lease Commitments

There are no operating lease commitments and capital expenditure committed but not recorded in these financial statements for the year ended 30 June 2006 (30 June 2005: Nil).

10. Related Party Transactions

Goods or Services	Terms	$ Thousands
		2006
Sale of gas	Gas Wholesaling Activities sells gas to Gas Retailing Activities based on actual amounts	101,087
	billed and notional revenue charged to Gas Retailing Activities based on Gas Wholesale’s
	cost of gas
Sale of gas	Gas Wholesaling Activities sells gas by-products to Kapuni Gas Treatment Plant	6,008
	based on standard terms and conditions
Transmission fees	Gas Wholesaling Activities bought transmission services from Gas Transmission	645
	Activities based on notional revenue charged to Gas Wholesaling Activities
Processing fees	Gas Wholesaling Activities have been allocated a share of the costs of the Kapuni	16,033
	Gas Treatment Plant
Gas Swap fees	Gas Wholesaling Activities entered into Operational Gas Swap arrangements with Gas	768
	Transmission Activities

11. Contingent Liabilities

There are no contingent liabilities which would have a material adverse effect on these financial statements.

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, Foreign Currency Risk, Fair Values, Capital Lease Commitments, Operating Lease Commitments, Related Party Transactions, Contingent Liabilities

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