✨ Financial Statements Notes
9 DECEMBER 2009 NEW ZEALAND GAZETTE, No. 182 4391
12. Prescribed Business Relationships
Under Regulation 22 of the Gas (Information Disclosure) Regulations 1997 total costs and revenue must be disclosed for goods and services provided between entities in prescribed business relationships. ‘Distribution’ and ‘Retail’ fall within the Gas (Information Disclosure) Regulations 1997 definition of a prescribed business relationship (Regulation 3).
| 2009 | 2008 | |
|---|---|---|
| $ | $ | |
| Distribution Revenue from Retail (GST inclusive) | ||
| GasNet Distribution Tariffs * | 4,019,022 | 3,945,052 |
| Distribution Debtors from Retail | ||
| Energy Direct NZ Limited | 423,490 | 420,874 |
- Tariff represents revenue to GasNet Limited from Energy Direct NZ Limited for the transportation of gas through its distribution network. The value of transactions is calculated by applying current published Distribution tariffs to actual Retail throughput gas volumes and connection numbers.
| Distribution Charges from Retail (GST inclusive) | 2009 | 2008 |
|---|---|---|
| Energy and Admin support | 72,448 | - |
| Distribution Creditors from Retail | 2009 | 2008 |
| Energy Direct New Zealand | 11,088 | - |
13. Commitments
The Company has no commitments as at 30 June 2009 (2008: Nil)
14. Contingent Liabilities and Assets
There are no contingent liabilities which would have a material adverse effect on these accounts (2008: Nil).
| Distribution | Retail | |||
|---|---|---|---|---|
| 2009 | 2008 | 2009 | 2008 | |
| $ | $ | $ | $ | |
| - | - | 388,203 | 388,203 |
Under the terms of their pipeline access agreement Vector and Maui Development require bank guarantees refer Note 10.
There are no contingent assets other than normal energy trading (2008: nil)
15. Dividend
No Dividends have been declared for 2009 (2008: Nif).
16. Post Balance Date Events
There have been no material events since balance date.
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NZ Gazette 2009, No 182
✨ LLM interpretation of page content
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Notes to the Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial liabilities, Creditors, Borrowings, Credit risk, Bank guarantees, Interest rate risk, Currency risk, Liquidity risk, Maturity analysis, Sensitivity analysis