✨ Financial Statements Notes
NGC HOLDINGS LIMITED
GAS TRANSMISSION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2007
7. PAYABLES AND ACCRUALS
| NOTE | 2007
$000 | 2006
$000 |
|------|---------------|---------------|
| Current | | |
| Trade payables and other creditors | 493 | 462 |
| Other payable and accruals | 1,356 | 3,876 |
| Provisions | 8 | 2,062 | 6,891 |
| Total | 3,911 | 11,229 |
8. PROVISIONS
| | 2007
$000 | 2006
$000 |
|--------------------------------|---------------|---------------|
| Balance at beginning of the year | 6,891 | 960 |
| Additions | 699 | 6,513 |
| Utilised | (1,820) | (582) |
| Reversed to the statement of financial performance | (3,708) | - |
| Balance at end of the year | 2,062 | 6,891 |
Provisions are for various commercial matters expected to be settled during the next two financial years but which could require settlement at any time.
9. RELATED PARTY BORROWINGS
Borrowings are a notional apportionment of the Vector group debt facilities including bank loans, a working capital facility, medium term notes - floating rate AS, capital bonds, fixed interest rate bonds, private placement senior notes and NZ floating rate notes. All borrowings are unsecured with all bank loans and medium term notes being subject to negative pledge arrangements.
Interest cost on the borrowings has been calculated using a weighted average interest rate of 7.47% applicable to the Vector Group. Borrowings are classified between current and non-current dependent on expected repayment dates. Borrowings are subject to various lending covenants. These have all been met for the years ended 30 June 2007 and 30 June 2006.
A detailed disclosure of the Vector group’s borrowings is available under Note 29 of the Vector Group’s annual report for the year ended 30 June 2007.
10. COMMITMENTS
| | 2007
$000 | 2006
$000 |
|-------------------------|---------------|---------------|
| Capital expenditure commitments | | |
| Estimated capital expenditure contracted for at balance date but not provided | 903 | 2,100 |
| Operating lease commitments | | |
| Within one year | 35 | 34 |
| One to two years | - | 33 |
| Two to five years | - | 77 |
| | 35 | 144 |
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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
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Certification of Financial Statements by Directors
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💰 Finance & RevenueFinancial statements, Accounting policies, Gas transmission, Income recognition, GST, Receivables, Inventories, Income tax, Property, Plant, Equipment, Depreciation, Leased assets, Employee entitlements, Financial instruments, Foreign currencies, Notional reserves, Deferred tax, Equity position
💰 Payables and Accruals
💰 Finance & RevenueTrade payables, Other payable and accruals, Provisions
💰 Provisions
💰 Finance & RevenueProvisions, Commercial matters, Financial performance
💰 Related Party Borrowings
💰 Finance & RevenueBorrowings, Debt facilities, Bank loans, Medium term notes, Capital bonds, Fixed interest rate bonds, Private placement senior notes, NZ floating rate notes, Interest cost, Weighted average interest rate, Lending covenants
💰 Commitments
💰 Finance & RevenueCapital expenditure commitments, Operating lease commitments