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New Zealand Gazette – 2007 – No. 132

Page 3462

✨ Financial Statements Notes

3462 NEW ZEALAND GAZETTE, No. 132 30 NOVEMBER 2007

NGC HOLDINGS LIMITED

GAS WHOLESALING ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2007

11. FINANCIAL INSTRUMENTS (continued)

There are some concentration of credit exposures with a few large energy retailers and large energy customers. To minimise this risk, credit evaluations on all energy retailers and large energy customers are undertaken and a requirement for a bond or other form of security where deemed necessary is placed.

Cash deposits with a small number of banking institutions are placed and limits are set for the amount deposited with each institution.
The maximum exposure to credit risk is represented by the carrying value of each financial asset.

	2007 CARRYING AMOUNT $'000	2006 CARRYING AMOUNT $'000
Cash	48,134	3,564
Trade receivables	16,772	5,200

LIQUIDITY RISK

Liquidity risk is the risk of encountering difficulty in raising funds at short notice to meet financial commitments as they fall due. In order to reduce the exposure to liquidity risk, access to un-drawn committed lines of credit has been established.

12. CONTINGENT LIABILITIES

The directors are aware of claims against entities within the Vector group and, where appropriate, have recognised provisions for these within the financial statements. No material contingencies requiring disclosure have been identified. (30 June 2006: nil).

13. TRANSACTIONS WITH RELATED PARTIES

NATURE OF THE TRANSACTION	RELATED PARTY	2007 $'000	2006 $'000
Sale of gas based on actual amounts billed and notional
revenue charged based on gas wholesale's cost of gas.	Gas Retailing Activities	277,157	101,087
Sale of gas by products based on standard terms and
conditions.	Kapuni Gas Treatment Plant	6,500	6,008
Purchase of gas transmission services based on actual
revenue charged and notional revenue charged to gas
wholesaling activities.	Gas Transmission Activities	316	645
Received allocation of share of the processing fees costs.	Kapuni Gas Treatment Plant	6,688	16,033
Entered into operational gas swap arrangements.	Gas Transmission Activities	198	768

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.

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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

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✨ LLM interpretation of page content

💰 Notes to the Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial statements, Financial instruments, Credit risk, Liquidity risk, Contingent liabilities, Related party transactions, IFRS

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