✨ Financial Statements and Notes
4220
NEW ZEALAND GAZETTE, No. 173
30 NOVEMBER 2009
VECTOR LIMITED & SUBSIDIARIES
GAS DISTRIBUTION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2009
12. COMMITMENTS (CONTINUED)
| 2009 | 2008 | |
|---|---|---|
| $000 | $000 | |
| Finance lease commitments | ||
| Within one year | 302 | - |
| One to five years | 654 | 938 |
| Total | 956 | 938 |
| Less: future finance charges | (126) | (114) |
| Present value of minimum lease payments | 830 | 824 |
| 2009 | 2008 | |
|---|---|---|
| Present value of finance lease liabilities | ||
| Within one year | 231 | - |
| One to five years | 599 | 824 |
| Present value of minimum lease payments | 830 | 824 |
13. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
FOREIGN EXCHANGE RISK
Transactions are conducted in foreign currencies for the purpose of protecting the NZD value of capital expenditure. The outstanding forward exchange contracts are used to hedge forecasted foreign currency exposure arising out of the capital expenditure program. Hence at balance date no significant exposure to foreign currency risk exists.
CREDIT RISK
In the normal course of business, there is exposure to credit risks from energy retailers and customers. Credit policies are in place, which are used to manage the exposure to credit risks.
There exists some concentration of credit exposures with a few large energy retailers and large energy customers. To minimise this risk, credit evaluations are performed on all energy retailers and large energy customers and requirement of a bond or other form of security where deemed necessary is made.
| 2009 CARRYING AMOUNT | 2008 CARRYING AMOUNT | |
|---|---|---|
| $000 | $000 | |
| Receivables and prepayments | 8,658 | 9,229 |
14. CONTINGENT LIABILITIES
Claims against the gas distribution activities, where appropriate, have been recognised and disclosed within provisions. No other material contingencies requiring disclosure have been identified (30 June 2008: nil).
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NZ Gazette 2009, No 173
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Certification of Financial Statements and Performance Measures for Gas Distribution
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🏭 Trade, Customs & Industry23 November 2009
Financial statements, Performance measures, Gas distribution, Vector Limited, Accounting policies, Impairment, Non-financial assets, Recoverable amount, Income statement, Deferred tax, Receivables, Prepayments