New Zealand Gazette – 1998 – No. 193

Page 4546

✨ Financial Statements Notes



4546 NEW ZEALAND GAZETTE No. 193

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1998

11. CURRENT LIABILITIES (cont.)

| | 1998
$000 | 1997
$000 |
|------------------------------|-------------|-------------|
| Reconciliation of provision for current tax payable: | | |
| Tax payable in the current year (refer Note 7) | 24,652 | 30,271 |
| Provisional tax payments made during the year | (28,988) | (37,700) |
| Under provision in prior years | 1,752 | 12,256 |
| Total provision for current tax payable (receivable) | (2,584) | 4,827 |

12. LEASE LIABILITIES

The Transpower Group has two cross border leases.

The HVDC converter plant at the Haywards and Benmore substations were previously leased to a subsidiary company Haywards Limited, by ECNZ. The equipment was then sub-leased by Haywards Limited to Transpower. The head lease arrangement was renegotiated last year with a third party and became subject to a cross border lease.

The submarine cables are subject to a cross border lease arrangement entered into by Oteranga Bay Limited in the period ended 30 June 1996.

The Transpower Group does not recognise a lease liability with respect to either of these cross border leases as Haywards Limited and Oteranga Bay Limited have prepaid their obligations to the respective lessors for all rental payments in respect of the primary period of each lease and for the call option exercise price in respect of each lease.



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✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Current Liabilities, Financial Statements, Transpower, Tax Payable, Lease Liabilities