✨ Financial Statements
30 NOVEMBER 2009 NEW ZEALAND GAZETTE, No. 173 4237
NGC HOLDINGS LIMITED
GAS RETAILING ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
11. INTANGIBLE ASSETS
| | COST | ACCUMULATED | CARRYING |
|---------------------|--------| AMORTISATION | AMOUNT |
| | $000 | $000 | $000 |
|---------------------|--------|--------------|------------|
| 2009 | | | |
| Software | 1,873 | (1,271) | 602 |
| Total | 1,873 | (1,271) | 602 |
| | COST | ACCUMULATED | CARRYING |
|---------------------|--------| AMORTISATION | AMOUNT |
| | $000 | $000 | $000 |
|---------------------|--------|--------------|------------|
| 2008 | | | |
| Software | 982 | (718) | 264 |
| Total | 982 | (718) | 264 |
12. 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 | 2008 | |
|---|---|---|
| CARRYING | CARRYING | |
| AMOUNT | AMOUNT | |
| $000 | $000 | |
| ------------------ | ----------- | ----------- |
| Trade receivables | 29,821 | 30,990 |
13. CONTINGENT LIABILITIES
Claims against the gas retailing 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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Notes to the Financial Statements Disclosed by Directors of the Corporation
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