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New Zealand Gazette – 1997 – No. 165

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✨ Financial Statements Notes

26 NOVEMBER NEW ZEALAND GAZETTE 3917

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1997

18. CONTINGENT LIABILITIES

(i) Guarantees

Cross Border Lease

The Group has entered into two cross border leases in respect of certain HVDC converter stations and the submarine cables. The Group has given guarantees and certain undertakings in accordance with a limited guarantee dated 24 October 1996 in respect of certain HVDC converter stations and a limited guarantee dated 31 May 1996 in respect of the submarine cables.

The likelihood of losses in respect of these matters is considered to be remote.

Debt

The Group has provided guarantees in respect of loan arrangements for the Bonds and Euro Medium Term Notes as described in Note 12.

The maximum exposure under each of these guarantees which includes the face value of debt plus accrued interest payable is as follows:

	1997	1996
	$000	$000
Bonds	633,730	633,603
Euro medium term notes	704,721	591,677

The likelihood of losses in respect of these matters is considered to be remote.

(ii) Contingencies

The Group has an agreement with a generator which requires payment by the Group if the generator is constrained under given circumstances from injecting electricity into the National Grid. Given the uncertainty of future events no reasonable quantification of any payment under the agreement can be made.

There are no other material contingent liabilities for the Group as at balance date. (1996: nil)

19. SEGMENTAL INFORMATION

The Group operates predominantly in one industry, the transmission of high voltage electricity. The Group's operations are carried out in New Zealand and are therefore within one geographical segment for reporting purposes.

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Contingent Liabilities, Guarantees, Debt, Segmental Information, Transpower New Zealand Limited

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