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New Zealand Gazette – 2007 – No. 132

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✨ Financial Statements Notes

NGC HOLDINGS LIMITED

GAS RETAILING ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2007

13. TRANSACTIONS WITH RELATED PARTIES

NATURE OF THE TRANSACTION	RELATED PARTY	2007 $\'000	2006 $\'000
Sold gas based on standard terms and conditions.	Kapuni Energy Joint Venture	6,381	5,968
Sold fuel gas on standard terms and conditions.	Kapuni Gas Treatment Plant	3,445	3,086
Sold gas for use in the compressors and line heaters on standard	Gas Transmission Activities	3,456	3,279
terms and conditions.
Purchased gas based on actual amounts billed and notional revenue	Gas Wholesaling Activities	277,157	101,087
charged to gas retailing activities based on gas wholesales’s
cost of gas.
Purchased gas transmission services based on actual revenue	Gas Transmission Activities	30,885	30,591
charged and notional revenue charged to gas retailing activities.
Purchased gas processing services based on notional revenue	Kapuni Energy Joint Venture and	7,615	182
charged to gas retailing activities.	Kapuni Gas Treatment Plant
Purchased distribution services based on standard terms and	Gas Distribution Activities	3,640	3,282
conditions.
Purchased metering services based on standard terms and	NGC Metering Limited	567	1,028
conditions.
Purchased distribution services based on standard terms and	Vector Limited	4,555	3,842
conditions.
Loan advance	Vector Limited	1,044	-

14. INTERNATIONAL FINANCIAL REPORTING STANDARDS

A detailed disclosure of the Vector group’s New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) transition management, impacts on transition to NZ IFRS, significant changes in accounting policies on transition to NZ IFRS and exemptions taken on transition to NZ IFRS is available under Note 34 of the Vector group’s annual report for the year ended 30 June 2007.

VUW Te Waharoa — NZ Gazette 2007, No 132

Gazette.govt.nz — NZ Gazette 2007, No 132

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

💰 Notes to the Financial Statements for NGC Holdings Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial statements, Related Party Transactions, Gas Retailing, Financial Reporting Standards

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