✨ Financial Statements Notes
30 NOVEMBER 2007 NEW ZEALAND GAZETTE, No. 132 3431
NGC HOLDINGS LIMITED
GAS RETAILING ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2007
9. PROPERTY, PLANT AND EQUIPMENT
| 2007 | COST / VALUATION $000 | ACCUMULATED DEPRECIATION $000 | NET BOOK VALUE $000 |
|---|---|---|---|
| Plant, vehicles, equipment | 1,869 | (1,230) | 639 |
| Total | 1,869 | (1,230) | 639 |
| 2006 | COST / VALUATION $000 | ACCUMULATED DEPRECIATION $000 | NET BOOK VALUE $000 |
|---|---|---|---|
| Plant, vehicles, equipment | 329 | (246) | 83 |
| Total | 329 | (246) | 83 |
The corporate non-system fixed assets have been allocated to the gas retailing activities in 2007. These assets were not allocated in 2006 but their use was charged to the business by way of a management fee.
10. FINANCIAL INSTRUMENTS
A comprehensive treasury policy approved by the Vector board of directors is used to manage the risks of financial instruments. The policy outlines the objectives and approach that are adopted in the treasury management processes. The policy covers, among other things, management of credit risk, interest rate risk, funding risk, liquidity risk, currency risk and operational risk.
A detailed disclosure of Vector group's financial instruments is available under Note 30 of the Vector group's annual report for the year ended 30 June 2007.
INTEREST RATE RISK
Interest rate exposures are actively managed in accordance with treasury policy. In this respect, at least forty percent of all debt must be at fixed interest rates or effectively fixed using interest rate swaps, forward rate agreements, options and other derivative instruments.
FOREIGN EXCHANGE RISK
In this reporting period transactions in foreign currencies have been conducted for the purpose of protecting the NZ$ value of capital expenditure.
There are outstanding forward exchange contracts. At balance date there is no significant exposure to foreign exchange risk.
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 132
Gazette.govt.nz —
NZ Gazette 2007, No 132
✨ LLM interpretation of page content
💰
Notes to the Financial Statements for NGC Holdings Limited
(continued from previous page)
💰 Finance & RevenueFinancial statements, Property, Plant and Equipment, Financial Instruments, Interest Rate Risk, Foreign Exchange Risk