✨ Financial Statements Notes
NGC HOLDINGS LIMITED
GAS TRANSMISSION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2008
15. RELATED PARTY TRANSACTIONS
| NATURE OF THE TRANSACTION | RELATED PARTY | 2008 | 2007 |
|---|---|---|---|
| Sale of transmission services based on actual revenue charged and notional revenue charged. | Gas Wholesaling Activities | 468 | 316 |
| Sale of transmission services based on actual revenue charged and notional revenue charged. | Gas Retailing Activities | 32,720 | 30,885 |
| Purchase of own use gas on standard terms and conditions. | Gas Retailing Activities | 3,280 | 3,456 |
| Operational gas swap arrangements. | Gas Wholesaling Activities | 25 | 198 |
| Purchase of mechanical services at market rates for the maintenance of export compressor based at Kapuni. | Kapuni Gas Treatment Plant | 741 | 715 |
| Debt funding | Vector Limited | 179,082 | 223,119 |
16. INTERNATIONAL FINANCIAL REPORTING STANDARDS
A detailed disclosure on the explanation of the transition to New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) is reported in Note 32 of the Vector group annual report for the year ended 30 June 2008. The restatement of comparatives under IFRS resulted in the following adjustments:
| 30 June 2007 | |
|---|---|
| Equity under previous NZ GAAP | $000 |
| Change in deferred tax on revaluations for change in company tax rate now recorded through income statement | 137,416 |
| Change in deferred tax on revaluations for change in company tax rate recorded in equity under previous NZ GAAP reversed as it is now recorded through income statement | 10,161 |
| Change in deferred tax due to restatement under IFRS | (7,844) |
| (25,486) | |
| Equity under NZ IFRS | 114,247 |
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NZ Gazette 2008, No 185
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NGC Holdings Limited Financial Statements for Gas Transmission Activities
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🏭 Trade, Customs & IndustryFinancial statements, Related party transactions, Gas transmission, Financial reporting standards, IFRS, Revenue, Operational costs