✨ Financial Statements Notes
28 FEBRUARY 2012 NEW ZEALAND GAZETTE, No. 24 665
VECTOR LIMITED & SUBSIDIARIES
GAS DISTRIBUTION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
12. COMMITMENTS (CONTINUED)
| 2011 | 2010 | |
|---|---|---|
| $000 | $000 | |
| Finance lease commitments | ||
| Within one year | 37 | 88 |
| One to five years | 30 | 74 |
| Total | 67 | 172 |
| Less: future finance costs | (13) | (20) |
| Present value of minimum lease payments | 54 | 152 |
| Present value of finance lease liabilities | | |
| Within one year | 31 | 66 |
| One to five years | 23 | 66 |
| Present value of minimum lease payments | 54 | 152 |
Finance leases relate to motor vehicles with varying lease terms.
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 energy retailers and customers. Credit policies are in place, which are used to manage the exposure to credit risks.
| 2011 CARRYING AMOUNT | 2010 CARRYING AMOUNT | |
|---|---|---|
| $000 | $000 | |
| Receivables and prepayments | 11,186 | 10,035 |
14. CONTINGENT LIABILITIES
Claims against the gas distribution activities, where appropriate, have been recognised and disclosed within provisions. No other material contingent liabilities requiring disclosure have been identified.
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NZ Gazette 2012, No 24
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