INFORMATION FOR DISCLOSURE
PURSUANT TO THE GAS (INFORMATION DISCLOSURE) REGULATIONS 1997
FINANCIAL STATEMENTS PREPARED
FOR THE GAS (Information Disclosure)
REGULATIONS 1997
Reg. 32 (2)
Form 4
CERTIFICATION OF FINANCIAL STATEMENTS, PERFORMANCE MEASURES AND STATISTICS
We, Dr D J WARBURTON and R M JANES, Directors of Wanganui Gas Limited, certify that, having made all reasonable enquiry, to the best of our knowledge
(a) The attached audited financial statements of Wanganui Gas Limited, prepared for the purposes of regulation 6 of the Gas (Information Disclosure) Regulations 1997, comply with the requirements of that regulation; and
(b) The attached information, being financial performance measures, efficiency performance measures, energy delivery performance measures and statistics, and reliability performance measures in relation to Wanganui Gas Limited, and having been prepared for the purposes of regulations 15 to 19 of the Gas (Information Disclosure) Regulations 1997, complies with the requirements of those regulations.
Dr D J Warburton R M Janes
Date: 1 November 2006
Statement of Financial Performance
For the Year ended 30 June 2006
Note Distribution Retail
2006 2005 2006 2005
$ $ $ $
REVENUE $3,917,105 $3,753,671 $25,223,568 $24,079,467
NET SURPLUS BEFORE TAXATION 2 $1,210,599 $1,334,834 $2,169,415 $658,510
Taxation expense 3 $426,977 $403,906 $716,981 $221,677
NET SURPLUS AFTER TAXATION $783,622 $930,928 $1,452,434 $436,833
Statement of Movement in Equity
For the Year ended 30 June 2006
Note Distribution Retail
2006 2005 2006 2005
$ $ $ $
EQUITY AS AT 1 JULY $12,546,613 $12,529,495 $533,913 $633,270
Net surplus after tax $783,622 $930,928 $1,452,434 $436,833
Increase in revaluation reserve $5,065,163 $- $- $-
Total recognised revenue
and expenses for the year $5,848,785 $930,928 $1,452,434 $436,833
Dividend to shareholders $679,859 $913,810 $820,142 $536,190
EQUITY AS AT 30 JUNE $17,715,539 $12,546,613 $1,166,205 $533,913
Statement of Financial Position
As at 30 June 2006
Note Distribution Retail
2006 2005 2006 2005
$ $ $ $
NON CURRENT ASSETS
Fixed assets 4 $23,941,182 $18,813,226 $150,042 $261,824
Investments $25,001 $50,001 $- $-
Total non-current assets $23,966,183 $18,863,227 $150,042 $261,824
CURRENT ASSETS
General bank account $- $- $2,753,080 $1,632,499
Accounts receivable 5 $509,441 $418,465 $3,497,554 $3,102,353
Inventories $178,369 $184,849 $- $-
Provisional tax $7,285 $18,491 $10,658 $9,431
Total current assets $695,095 $621,805 $6,261,292 $4,744,283
TOTAL ASSETS $24,661,278 $19,485,032 $6,411,334 $5,006,107
EQUITY
Share capital 6 $5,264,435 $5,264,435 $199,835 $199,835
Retained earnings $801,073 $697,310 $966,370 $334,078
Asset revaluation reserve $11,650,031 $6,584,868 $- $-
Total equity $17,715,539 $12,546,613 $1,166,205 $533,913
TERM LIABILITIES
Credit line facility 7 $4,137,209 $6,048,379 $1,993,074 $1,966,588
Non-current finance lease 8 $9,912 $8,507 $10,433 $9,410
$4,147,121 $6,056,886 $2,003,507 $1,975,998
CURRENT LIABILITIES
General bank account $2,481,077 $641,107 $- $-
Accounts payable & accruals $242,290 $158,331 $3,071,342 $2,307,348
Provision for employee entitlements $66,833 $69,022 $38,216 $39,622
Consumer deposits $- $- $123,204 $134,766
Current finance lease 8 $8,418 $13,073 $8,860 $14,460
Taxation payable $- $- $- $-
Provision for dividend $- $- $- $-
Total current liabilities $2,798,618 $881,533 $3,241,622 $2,496,196
TOTAL LIABILITIES & EQUITY $24,661,278 $19,485,032 $6,411,334 $5,006,107
Notes to the Financial Statements
For the Year ended 30 June 2006
1. Statement of Accounting Policies
Reporting Entity
Wanganui Gas Limited is a company formed in accordance with the Energy Companies Act 1992
and registered under the Companies Act 1993. For the purpose of preparing Disclosure accounts
in accordance with the Gas (Information Disclosure) Regulations 1997 the annual accounts of
Wanganui Gas Limited have been divided into two entities, Distribution and Retail. The balance of
Wanganui Gas Limited's accounts have not been disclosed as it pertains to appliance trading activity.
As required by the Gas (Information Disclosure) Regulations 1997, 'Distribution' involves the ownership,
and maintenance of a gas distribution system, and conveyance of gas via the system. 'Retail' involves
supply of gas to consumers.
The gas information disclosure and financial statements of Wanganui Gas Limited have been prepared in
accordance with the Gas (Information Disclosure) Regulations 1997.
Methodology of Separation of Business
The Methodology used in relation to the allocation of costs, revenue, assets and liabilities between
Retail and Distribution businesses will be available for public inspection no later than 30 November 2006.
General Accounting Policies
The general accounting principles recognised as appropriate for the measurement and reporting of
results and financial position on an historical cost basis have been followed, with the exception of
distribution network assets which have been valued at depreciated replacement cost. The Financial Statements are
prepared in accordance with New Zealand generally accepted accounting practice. Reliance is placed
on the fact that the company is a going concern.
Particular Accounting Policies
The following particular accounting policies which materially affect the measurement of results and
financial position have been applied:
Accrued Gas Sales
Gas sales include an accrual for gas supplied but not invoiced at the end of the financial period.
Capital Contributions
Capital contributions received from customers are recognised as income in the period received.
Revenue
Revenue is derived from the Sale of Energy, and Distribution Services. Such revenue is recognised
when earned and is reported in the financial period to which it relates.
Goods and Service Tax
All items in the financial statements are exclusive of GST, with the exception of accounts receivable
and accounts payable which are stated with GST included.
Accounts Receivable
Accounts Receivable are stated at their estimated realisable value, after providing for doubtful debts.
Inventories
Inventories are stated at the lower of cost and net realisable value. Costs are assigned to inventories
on hand at balance date using weighted average cost.
Investments
Investments are stated at cost price or net realisable value.
Property Plant and Equipment
The distribution network is valued at the most recent depreciated replacement cost value, adjusted by additions
(at cost), disposals and depreciation. Revaluations are carried out every three years
and reviewed by independent experts. All other fixed assets are recorded at cost.
Depreciation
Depreciation is provided on a straight line basis on all tangible fixed assets, at rates calculated to allocate
the assets cost, or depreciated replacement cost, less estimated residual life, over their estimated useful
lives.
Major depreciation rates are:
Mains & Services 1-10% S.L
Condition Renewals 2% S.L
Meters & Customer Station Rebuilds 1-10% S.L
Vehicles, Plant, Office Equipment & Furniture and Fittings 20% S.L
Computer Hardware & Software 33% S.L
Leasehold Improvements 10-15% S.L
Financial Instruments
The Company is party to financial instruments as part of its normal operations. These financial
instruments include bank accounts, short term deposits, debtors, creditors and loans. All financial
instruments are recognised in the statement of financial position and all revenues and expenses in
relation to financial instruments are recognised in the Statement of Financial Performance.
Employee Entitlements
Provision is made in respect of the Company's liability for annual leave and long service leave.
Annual leave and long service leave have been calculated on an accrual entitlement basis, at current
rates of pay.
Income Tax
The taxation charge against the profit for the period is the estimated liability in respect of that
profit after allowance for permanent differences and timing differences not expected to reverse in
the forseeable future. This is the partial basis for the calculation of deferred taxation.
The Company follows the liability method of accounting for deferred taxation.
Future tax benefits attributable to tax losses or timing differences are only recognised when there is
virtual certainty of realisation.
Finance Leases
Leases which effectively transfer to the lessee substantially all the risks and benefits incident
to the ownership of the leased item are classified as finance leases. Theses are capitalised at the
lower of the fair value of the asset or the present value of the minimum lease payments. The leased
assets and corresponding lease liabilities are recognised in the statement of financial position. The
leased assets are depreciated over the period the company is expected to benefit from their use.
Changes In Accounting Policies
There have been no changes in accounting policy. All policies have been applied on bases
consistent with those used in the previous period.
2. Surplus Before Taxation
Distribution Retail
2006 2005 2006 2005
$ $ $ $
After charging:
Audit fees $8,327 $7,273 $23,028 $21,200
Audit fees other services $1,256 $1,043 $3,473 $3,042
Depreciation : Distribution network $733,674 $541,880 $- $-
Leasehold improvements $23,424 $10,338 $2,250 $2,396
Vehicles $25,888 $21,144 $2,597 $5,540
Office equipment $5,109 $5,910 $1,932 $3,148
Furniture & fittings $4,727 $2,935 $3,928 $2,424
Plant & equipment $24,141 $17,368 $135 $198
Computer h/ware & s/ware $114,032 $115,725 $120,093 $114,849
$930,995 $715,300 $130,935 $128,555
Directors' fees $39,064 $35,000 $35,157 $31,500
Interest: fixed loans $370,799 $397,633 $144,149 $116,967
Rental & operating lease costs $68,010 $68,014 $28,839 $28,985
Movements in provision for doubtful debts $- $- $2,610 $11,411
Bad debts written off $- $- $71,540 $50,564
After crediting:
Interest from short term deposits -$34,675 -$18,723 $48,706 $51,562
Profit on sales of assets $2,217 $8,695 $461 $3,540
Dividends received $302 $986 $- $-
3. Taxation Expense
Net profit before taxation $1,210,599 $1,334,834 $2,169,415 $658,510
Prima facie taxation $399,498 $440,495 $715,907 $217,308
Plus (Less):
Non deductible items $11,815 $23,858 $70 $310
Non taxable income $- $- $- $-
Unrecognised timing differences $15,664 -$60,447 $1,004 $4,059
Prior Period Adjustment $- $- $- $-
Taxation expense for the period $426,977 $403,906 $716,981 $221,677
The taxation charge is represented by:
Current taxation $426,977 $403,906 $716,981 $221,677
The Company has not recognised the deferred tax liability on timing differences which are not
expected to reverse in the foreseeable future. The tax liability in respect of these
timing differences at 33% is $2,451,757 (2005: $2,661,703) for Distribution and a future tax benefit to
Retail of -$35,412 (2005: $147,883).
4. Fixed Assets
Distribution
2006 2005
Cost Accumulated Book Cost Accumulated Book
Depreciation Value Depreciation Value
Distribution network:
Revalued assets $23,235,319 $726,727 $22,508,592 $17,986,660 $1,061,621 $16,925,039
At Cost $717,822 $6,947 $710,875 $1,278,549 $33,432 $1,245,117
$23,953,141 $733,674 $23,219,467 $19,265,209 $1,095,053 $18,170,156
Fixed assets at cost:
Leasehold improvements $590,810 $425,726 $165,084 $493,010 $344,429 $148,581
Vehicles $249,827 $89,910 $159,917 $199,707 $81,562 $118,145
Office equipment $58,531 $55,135 $3,396 $58,236 $53,551 $4,685
Furniture & fittings $84,135 $58,425 $25,710 $65,426 $43,722 $21,704
Plant & equipment $344,550 $204,841 $139,709 $252,117 $161,094 $91,023
Leased assets $64,500 $40,580 $23,920 $99,470 $37,967 $61,503
Computer h/ware & s/ware $977,787 $773,808 $203,979 $694,311 $496,882 $197,429
$2,370,140 $1,648,425 $721,715 $1,862,277 $1,219,207 $643,070
Total Assets $26,323,281 $2,382,099 $23,941,182 $21,127,486 $2,314,260 $18,813,226
Retail
2006 2005
Cost Accumulated Book Cost Accumulated Book
Depreciation Value Depreciation Value
Fixed assets at cost:
Leasehold improvements $122,828 $88,507 $34,321 $200,728 $140,233 $60,495
Vehicles $51,938 $18,692 $33,246 $81,310 $33,208 $48,102
Office equipment $12,168 $11,462 $706 $23,710 $21,804 $1,906
Furniture & fittings $17,492 $12,147 $5,345 $26,638 $17,801 $8,837
Plant & equipment $71,631 $42,586 $29,045 $102,649 $65,589 $37,060
Leased assets $13,409 $8,436 $4,973 $40,499 $15,458 $25,041
Computer h/ware & s/ware $203,279 $160,873 $42,406 $282,687 $202,304 $80,383
$492,745 $342,703 $150,042 $758,221 $496,397 $261,824
Total assets $492,745 $342,703 $150,042 $758,221 $496,397 $261,824
The distribution network is valued at depreciated replacement cost, as at 1 July 2005 by Geoff Evans, B.E (Mech) - Network Manager
and reviewed in accordance with the FRS-3 by Bruce Wattie CA, BCA, Partner - Financial Advisory Services, of PricewaterhouseCoopers,
and James Coe B.Sc, B.E (Electrical), M.B.A, and member if IPENZ - Director, JT Consulting Limited.
5. Accounts Receivable
Distribution Retail
2006 2005 2006 2005
$ $ $ $-
Trade debtors $509,441 $418,465 $3,556,060 $3,155,450
Provision for doubtful debts $- $- -$58,506 -$53,097
$509,441 $418,465 $3,497,554 $3,102,353
$509,441 $418,465 $3,497,554 $3,102,353
6. Share Capital
Authorised capital: 2006 2005
$ $
Distribution - 5,264,435 Ordinary shares of $1 each fully paid up $5,264,435 $5,264,435
Retail - 199,835 Ordinary shares of $1 each fully paid up $199,835 $199,835
7. Long Term Liabilities
Distribution Retail
2006 2005 2006 2005
$ $ $ $
Westpac Banking Corporation
Multi Option Credit Line Facility $4,137,209 $6,048,379 $1,993,074 $1,966,588
Less current portion $- $- $- $-
Non-current portion $4,137,209 $6,048,379 $1,993,074 $1,966,588
Term: Three years to December 2005 and extended by 1 year to 2006.
Repayments: The term loan matures in December 2006.
The intention is to roll forward the term debt beyond the next 12 months.
Security: First ranking debenture providing for fixed and floating charges over all assets.
Average Interest Rate Over Year: 7.87% ( 2005:7.07%)
The Company has a multi option credit line facility of $8,700,000 which is not fully drawn down.
The Company has a bank overdraft facility of $250,000 (2005:$250,000).
8. Finance Lease Liabilities
Distribution Retail
2006 2005 2006 2005
$ $ $ $
Not later than one year $10,179 $15,081 $10,712 $16,681
Later than one year and not later than two years $4,423 $9,002 $4,657 $9,957
Later than two year and not later than five years $8,095 $1,134 $8,521 $1,255
Later than five years $- $- $- $-
$22,697 $25,217 $23,890 $27,893
Future finance charges $4,367 3,637 4,597 4,023
Recognised as a liability $18,330 $21,580 $19,293 $23,870
Representing lease liabilities
Current $8,418 $13,073 $8,860 $14,460
Non-current $9,912 $8,507 $10,433 $9,410
$18,330 $21,580 $19,293 $23,870
9. Imputation Credit Account
Distribution Retail
2006 2005 2006 2005
$ $ $ $
Opening Balance $319,109 $556,897 -$206,535 -$50,459
PLUS:
Income tax paid $454,794 $345,960 $665,357 $176,429
Imputations on dividends received $149 $485 $- $-
LESS:
Terminal tax refund -$3,150 -$134,146 -$4,608 -$68,410
Imputations attached to dividends paid -$334,857 -$450,087 -$403,953 -$264,095
Balance 30 June 2006 $436,045 $319,109 $50,261 -$206,535
10. Financial Instruments
Financial Instruments which potentially subject the Company to credit risk principally
consist of bank balances and accounts receivable. Generally the Company does not require
collateral. Maximum exposure to credit risk is the amount stated in the financial statements
and is net of any recognised provision for losses on these financial instruments. An amount
of $123,204 (2005 : $134,766) is included in Retail's current liabilities which is the value of
consumer deposits held. No other collateral is held on these amounts.
The Company is not exposed to any concentrations of risk or currency risk.
The Company has no bank overdraft facility.
The methods and assumptions used are that the carrying amount in the financial statements
reflects the estimated fair value of the financial instruments including receivables, bank and
investments and accounts payable.
The Company has long term borrowings which are used to fund ongoing activities.
The Company has arranged a bank guarantee for $388,203 (2005: $335,000) which is required by
Vector Ltd to ($335,000) to gain access to their distribution networks and Maui Development
Limited ($53,203) for use of the Maui pipeline under the open access agreement.
Interest Rate Risk
Interest rate risk is the risk that the value of a financial instrument will fluctuate due to
changes in market interest rates. This could particularly impact on the cost of borrowing
or the return on investments.
The interest rates on the Company's investments are 6.68% to 7.44%.(2005: 5.65% to 6.80%).
Distribution Retail
2006 2005 2006 2005
$ $ $ $
Short term deposits $- $- $1,000,000 $1,000,000
The Directors do not consider there is any significant exposure to interest rate risk on the
Company's investments.
The interest rates on the Company's borrowings are disclosed in note 7. Interest rates are
reviewed regularly.
There are no interest rate options or interest rate swap agreements in place as at 30 June 2006
(2005 : Nil).
Currency Risk
No currency risk.
11. Related Party Transactions
The following transactions occurred during the period with Related Parties:
Distribution Retail
2006 2005 2006 2005
$ $ $ $
Wanganui District Council by virtue of it's 100% ownership of WDCHL (74.9% Shareholder)
( D J Warburton, Chief Executive )
Rent $68,010 $68,014 $28,839 $28,985
IT services $42,853 $41,716 $42,588 $36,408
Rates $37,842 $36,084 $1,173 $1,243
Other $33,384 $298 $31,947 $318
$182,089 $146,112 $104,547 $66,954
Vector by virtue of it's 100% ownership of NGC Investments Ltd (25.1% Shareholder)
( S L Bielby, General Counsel, M P Stiassny, Chairman )
Gas purchases & transmission services $- $- $15,786,782 $9,865,675
Other $3,340 $10,981 $3,197 $11,716
$3,340 $10,981 $15,789,979 $9,877,391
Doyle & Associates
(M J Doyle, Principal)
Consulting $645 $- $581 $-
WGL Transactions to NGC
Transport related charges $70,371 $55,921 $- $-
Gas trading $- $- $- $213,457
Other $17,552 $304 $- $-
$87,923 $56,225 $- $213,457
Amounts Owed to Related Parties at Balance date were:
Wanganui District Council $36,731 $3,015 $21,089 $1,381
Vector Ltd $387 $773 $1,829,143 $695,045
Doyle & Associates $270 $- $243 $-
All Transactions were conducted on normal commercial terms.
Wanganui Gas Ltd is a company owned by Wanganui District Council Holdings Ltd
WDCHL ( a Council Controlled Organisation of Wanganui District Council ) and Vector Gas
Investments Ltd ( a subsidiary of NGC Holdings Ltd). By virtue of its 74.9% shareholding
WDCHL has significant influence on the role of Wanganui Gas Ltd.
The Company has supplied energy to the Wanganui District Council on a arm's length
basis for which related party disclosures have not been made.
There are no other related party transactions.
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).
2006 2005
$ $
Distribution Revenue from Retail
Gas Distribution Tariffs * $3,670,272 $3,194,980
Distribution Debtors from Retail
Wanganui Gas Ltd - Distribution * $422,097 $362,367
* Tariff represents revenue to Distribution 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. Transactions represent a book entry only. Debtor
represents June revenue - assumed to be paid in the subsequent month.
13. Commitments
The Company has no commitments as at 30 June 2006 (2005: Nil)
14. Contingent Liabilities
There are no contingent liabilities which would have a material adverse
effect on these accounts (2005 : Nil).
Distribution Retail
2006 2005 2006 2005
$ $ $ $
A bank guarantee required by Vector Ltd and $- $- $388,203 $335,000
Maui Developments Ltd refer note 10
15. Dividend
A final dividend of $1,100,000 was declared at the Directors' meeting held on 30 August 2006.
Statement of Performance Measures
For the Year ended 30 June 2006
For the purposes of the Gas (Information Disclosure) Regulations 1997
Regulations 15, 17, & 18
Reference Distribution
2006 2005 2004 2003 2002
1. Financial Performance Measures
Accounting Return on Total Assets Sch 1 Pt 2 1(a) 7.83% 8.89% 9.39% 10.19% 12.78%
Accounting Return on Equity Sch 1 Pt 2 1(b) 5.18% 7.06% 7.66% 8.39% 10.87%
Accounting Rate of Profit Including Network Revaluation Sch 1 Pt 2 1(c) 34.34% (1) 7.14% 6.92% 18.83% 8.61%
Accounting Rate of Profit Excluding Network Revaluation 6.63% 7.14% 6.92% 6.69% 8.61%
Note: The Accounting Rate of Profit Excluding Network
Revaluation is not required by the Gas (Information
Disclosure) Regulations 1997.
2. Efficiency Performance Measures
Direct Line Costs per Kilometre Sch 1 Pt 2 2(a) $2,068 $1,907 $1,990 $1,518 $1,157
Indirect Line Costs per Gas Customer Sch 1 Pt 2 2(b) $62 $58 $40 $41 $39
3. Energy Delivery Efficiency Performance Measures
Load Factor Sch 1 Pt 3 1(a) 75.77% 74.02% 70.80% 80.77% 76.99%
Unaccounted for Gas Ratio Sch 1 Pt 3 1(b) 1.80% 1.80% 1.80% 1.81% 1.81%
4. Statistics
System Length (km) Sch 1 Pt 3 2(a) 362 360 357 354 349
Maximum Monthly Amount of Gas Entering System (GJ) Sch 1 Pt 3 2(b) 113,872 125,474 131,678 114,280 117,079
Total Annual Amount of Gas Conveyed through System (GJ) Sch 1 Pt 3 2(c) 1,035,434 1,114,509 1,118,772 1,107,666 1,081,694
Total Annual Amount of Gas Conveyed through System Sch 1 Pt 3 2(d) 507,347 403,317 253,888 283,047 274,253
for Persons not in a Prescribed Business Relationship (GJ/pa)
Total Number of Customers Sch 1 Pt 3 2(e) 10,581 10,776 10,874 10,921 10,810
5. Reliability Performance Measures
Unplanned Transmission System Interruptions (hours) Sch 1 Pt 4 1 nil nil 11,096 nil nil
Unplanned Distribution System Interruptions not related to Sch 1 Pt 4 2(a) 0.0216 0.1743 0.1096 0.0557 0.0198
Transmission System Interruptions (hours/customer)
Unplanned Distribution System Interruptions related to Sch 1 Pt 4 2(b) nil nil 1.0084 nil nil
Transmission System Interruptions (hours/customer)
Unplanned Distribution System Interruptions as a result of 0.0157 0.1557 0.0092 0.0416 0.0144
third party damage (hours/customer).
Unplanned Distribution System Interruptions not as a result of 0.0059 0.0186 0.1004 0.0141 0.0054
third party damage (hours/customer).
Note: The last two performance measures are not required
by the Gas (Information Disclosure) Regulations 1997.
1. The increase in percentage is due to the revaluation carried
out during the year.
AUDIT NEW ZEALAND
CERTIFICATION BY AUDITOR IN RELATION TO FINANCIAL
STATEMENTS
REPORT OF THE AUDITOR-GENERAL
We have examined the attached financial statements prepared by Wanganui Gas Limited and dated 30 June 2006 for the purposes of regulation 6 of the Gas (Information Disclosure) Regulations 1997.
We certify that, having made all reasonable enquiry, to the best of our knowledge, those financial statements have been prepared in accordance with the requirements of the Gas (Information Disclosure) Regulations 1997.
R L Tomlinson
Audit New Zealand
On behalf of the Auditor-General
1 November 2006
Auckland, New Zealand
AUDIT NEW ZEALAND
Certification of Performance Measures by Auditor
Report of the Auditor-General
We have examined the attached information, being-
a) Financial performance measures specified in clause 1 of Part 2 of Schedule 1 of the Gas (Information Disclosure) Regulations 1997; and
b) Financial components of the efficiency performance measures specified in clause 2 of Part 2 of that Schedule,
and having been prepared by Wanganui Gas Limited and dated 30 June 2006 for the purposes of regulations 15 and 16 of those regulations.
We certify that, having made all reasonable enquiry, to the best of our knowledge, that information has been prepared in accordance with the requirements of the Gas (Information Disclosure) Regulations 1997.
R L Tomlinson
Audit New Zealand
On behalf of the Auditor-General
1 November 2006
Auckland, New Zealand