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New Zealand Gazette – 1997 – No. 165

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✨ Financial Statements Notes

3908

NEW ZEALAND GAZETTE

No. 165

TRANSPower NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1997

REMUNERATION OF AUDITORS

	1997	1996
Fees paid or payable to Coopers & Lybrand:
As auditor of Transpower and Transpower Group subsidiaries	130	130
For other services	1,296	725
	1,426	855

NET FINANCE COSTS

	1997	1996
Finance costs	130,108	141,928
Capitalised interest	(3,965)	(3,709)
Interest received	(7,698)	(20,512)
Gain on cross border leases	(11,386)	(10,885)
Dividends received	(4)	(2)
Net Finance Costs	107,055	106,820

Related Party Transactions

Finance costs charged by:

Crown	6,609	66,391
	6,609	66,391

Interest received from:

| ECNZ Group | (301) | - |
| Contact Energy | (100) | - |
| Transpower Group associate | (119) | - |
| | (520) | - |

Gain on cross border leases received from:

| ECNZ Group | (1,143) | - |

Interest is capitalised on capital work in progress in accordance with the accounting policy outlined in Note 1(f). The gains on the cross border leases for the year ended 30 June 1997 and the year ended 30 June 1996 arise from the net settlement of the lease liabilities which arose in respect of the leases on certain HVDC converter stations and the submarine cables. These gains are net of any associated costs.

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VUW Te Waharoa — NZ Gazette 1997, No 165

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsAccounting Policies, Related Party Transactions, State-Owned Enterprises, Revenue, Operating Expenses, Capital Expenditure, Auditors, Finance Costs

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