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New Zealand Gazette – 2012 – No. 152

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✨ Financial Statements

21 DECEMBER 2012 NEW ZEALAND GAZETTE, No. 152 4545

VECTOR LIMITED & SUBSIDIARIES

GAS TRANSMISSION ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2012

12. COMMITMENTS

	2012	2011
	$000	$000
Capital expenditure commitments
Estimated capital expenditure contracted for at balance date but not provided	3,380	603

Operating lease commitments

	2012	2011
Within one year	369	310
One to five years	1,047	976
Beyond five years	737	966
Total	2,153	2,252

The majority of the operating lease commitments relate to premises leases.

Finance lease commitments

	2012	2011
Within one year	527	458
One to five years	595	986
Total	1,122	1,444
Less: future finance costs	(117)	(172)
Present value of minimum lease payments	1,005	1,272

	2012	2011
Present value of finance lease liability
Within one year	460	364
One to five years	545	908
Present value of minimum lease payments	1,005	1,272

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. Forward exchange contracts are used to hedge forecasted foreign currency exposure arising out of the capital expenditure programme. 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 customers. Credit policies are in place, which are used to manage the exposure to credit risks.

	2012 Carrying Amount	2011 Carrying Amount
	$000	$000
Receivables and prepayments	10,008	8,621

Gazette.govt.nz — NZ Gazette 2012, No 152

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Vector Limited & Subsidiaries (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Commitments, Capital expenditure, Operating leases, Finance leases, Financial instruments, Risk management

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