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New Zealand Gazette – 2006 – No. 154

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✨ Financial Statements Notes

NGC Gas Transmission Activities

Notes to the Financial Statements

For the Year Ended 30 June 2006

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

9. Financial Instruments

Interest Rate Risk

Interest rate risk is managed in accordance with the group treasury policy.

Credit Risk

Financial instruments which are potentially subject to credit risk consist principally of cash deposits and trade debtors.

Cash deposits are placed with a small number of banking institutions and the amounts deposited with each institution is limited. The credit limits are set in accordance with the group treasury policy.

Credit evaluations are completed on customers where necessary and a bond required when customers cannot demonstrate an adequate credit history.

There is no significant concentration of credit risk.

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, loans is equivalent to their fair value.

10. Capital and Operating Lease Commitments

Capital expenditure committed but not recorded in these financial statements totals $0.9 million (30 June 2005: $2.1 million).

	$Thousands
	2006	2005
Operating Lease Commitments
Non cancellable operating lease rentals are payable as follows:
Not later than one year	34	28
Between one and two years	33	6
Between two and five years	77	5
Later than five years	-	-
	144	39

The majority of the operating lease commitments relate to premises leases.

VUW Te Waharoa — NZ Gazette 2006, No 154

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

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

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

Domain💰 Finance & Revenue
Dated28 November 2006
KeywordsFinancial Statements, Gas Transmission, Certification, Gas (Information Disclosure) Regulations 1997

💰 Notes to the Financial Statements for NGC Gas Transmission

Domain💰 Finance & Revenue
KeywordsFinancial Instruments, Interest Rate Risk, Credit Risk, Foreign Currency Risk, Fair Values, Capital and Operating Lease Commitments

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