New Zealand Gazette – 2000 – No. 114

Page 2869

✨ Financial Statements and Related Party Transactions

30 AUGUST NEW ZEALAND GAZETTE 2869

Note 9. Contingent Liabilities and Capital Commitments

Capital Commitments

	2000
	$'000

The total amount committed at balance date was | 220 | 21 |

Operating Lease Commitments

These are long-term operating leases relating to land occupied by the Company.

Period	2000	1999
	$'000	$'000
Not later than 1 year	7	2
1 - 2 years	7	2
2 - 5 years	22	6
Later than 5 years	108	25

Note 10. Related Parties

At balance date the West Coast Electric Power Trust held 100 per cent of the shares in Westpower Limited. Material transactions (dividends) have been disclosed in the financial statements.

All related party transactions of Westpower Limited have been conducted on a commercial arms length basis.

The Contracting and Management Subsidiary of Westpower Limited, ElectroNet Services, has provided the following services for the period 1 April 1999 to 31 March 2000

	2000	1999
	$'000	$'000
Construction of subtransmission assets *	435	-
Construction of zone substations	221	-
Construction of distribution lines and cables	526	578
Construction of medium voltage switchgear	140	45
Construction of distribution transformers	82	9
Construction of substations	166	40
Construction of low voltage lines and cables	245	1,318
Construction of other fixed assets	118	-
Maintenance of assets	1,420	2,894
Consumer connections and reconnections	-	82
Asset Management Service	57	-
Other Services	536	-

ElectroNet Services provided $34,000 of consumer connection and reconnection services to Westpower's "other" business which is not included in the above.

Subtransmission assets now disclosed separately

At year end there was an outstanding balance of $976,592 (1999 $632,213) for such services.

No related party debts have been written off or forgiven during the year.

VUW Te Waharoa — NZ Gazette 2000, No 114

Gazette.govt.nz — NZ Gazette 2000, No 114

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✨ LLM interpretation of page content

🏭 Westpower Limited Financial Statements Notes (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Contingent Liabilities, Capital Commitments, Operating Lease Commitments, Related Parties, Westpower Limited, West Coast Electric Power Trust, ElectroNet Services

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