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New Zealand Gazette – 2009 – No. 173

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✨ Financial Statements

NGC HOLDINGS LIMITED

GAS RETAILING ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2009

14. RELATED PARTY BORROWINGS

Borrowings are a notional loan from Vector Limited.

The interest cost on the borrowings has been calculated using a weighted average interest rate of 7.72% (30 June 2008: 8.03%) applicable to the Vector group borrowings.

15. TRANSACTIONS WITH RELATED PARTIES

NATURE OF THE TRANSACTION	RELATED PARTY	2009 $\000	2008 $\000
Sold gas based on standard terms and conditions.	Kapuni Energy Joint Venture	-	6,126
Sold gas based on standard terms and conditions.	Vector Kapuni Limited	8,667	-
Sold gas based on standard terms and conditions.	Kapuni Gas Treatment Plant	1,044	1,620
Sold gas for use in the compressors and line heaters based on
standard terms and conditions.	Gas Transmission Activities	3,798	3,280
Purchased gas based on actual amounts billed and notional
revenue charged to gas retailing activities based on gas
wholesales’s cost of gas.	Gas Wholesaling Activities	199,442	249,657
Purchased gas transmission services based on standard terms
and conditions.	Gas Transmission Activities	29,160	32,720
Purchased gas processing services based on notional revenue
charged to gas retailing activities.	Kapuni Gas Treatment Plant	6,131	8,845
Purchased distribution services based on standard terms and
conditions.	Gas Distribution Activities	4,198	3,780
Purchased metering services based on standard terms and
conditions.	NGC Metering Limited	596	589
Purchased distribution services based on standard terms and
conditions.	Vector Limited	4,506	4,721
Loan advance	Vector Limited	17,129	3,985

(Transmission and distribution services charges are paid to related parties at the time of billing.)

Gazette.govt.nz — NZ Gazette 2009, No 173

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements Disclosed by Directors of the Corporation (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Notes, Related party transactions, Borrowings, Gas retailing

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