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New Zealand Gazette – 1994 – No. 128

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✨ Financial Statements Notes

30 NOVEMBER
NEW ZEALAND GAZETTE
3837

NOTES TO THE FINANCIAL STATEMENTS

June 1994
$000

15. CAPITAL COMMITMENTS
Commitments in respect of contracts for capital expenditure
47,772

16. OPERATING LEASE COMMITMENTS
Commitments in respect of non-cancellable operating leases payable:

Within one year 1,820
One to two years 1,709
Two to five years 4,533
Later than five years 8,332
16,394

17. CONTRIBUTIONS TO RETIREMENT SAVINGS PLAN
Contributions are made into the Corporation’s Retirement Savings Plan in respect of the Corporation’s employees who are members of the Plan. The Corporation contributes a maximum of 10% of the relevant employee’s basic salary. Contributions to the Plan are charged against earnings.

18. CONTINGENT LIABILITIES
Lawuits and other claims
The amounts of various lawsuits and claims made against the Corporation are not considered to be material to the results or to the financial position.

Guarantees
Energy Advances Limited (EAL) is a special purpose short term funding vehicle. Notes issued by EAL amounting to $67 million as at 30 June 1994 are jointly and severally guaranteed by the Corporation and Citibank, N.A. The Corporation’s obligations under the EAL guarantee are offset by a counter-guarantee from Citibank, N.A.

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VUW Te Waharoa — NZ Gazette 1994, No 128

NZLII — NZ Gazette 1994, No 128

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✨ LLM interpretation of page content

🌾 Electricity Corporation of New Zealand Limited Financial Statements (continued from previous page)

Domain🌾 Primary Industries & Resources
KeywordsFinancial statements, Capital commitments, Operating lease commitments, Retirement savings plan, Contingent liabilities, Lawsuits, Guarantees

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