✨ Financial Statements
NEW ZEALAND GAZETTE
No. 162
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2000
10. CURRENT LIABILITIES (cont...)
| LINES BUSINESS | LINES BUSINESS | |
|---|---|---|
| 2000 | 1999 | |
| $000 | $000 |
Reconciliation of provision for current tax payable:
Tax payable in the current year (refer Note 7) 38,457 38,845
Provisional tax payments made during the year (43,211) (37,164)
(Under) provision in prior years 411 857
Total provision for current tax payable (receivable) (4,343) 2,548
11. LONG TERM LEASE LIABILITIES
Long term lease liabilities payable:
One to two years - -
Two to five years - -
Later than five years - -
The Transpower Lines Business 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 in the year ended 30 June 1997 with a third party and became subject to a cross border lease. The sub-lease arrangement between Haywards Limited and Transpower is unchanged, with the lease liability due by Transpower to Haywards Limited disclosed in the table above.
The sub-marine cables are subject to a cross border lease arrangement entered into by Otago Bay Limited in the period ended 30 June 1996.
The Transpower Lines Business does not recognise a lease liability with respect to either of these cross border leases as Haywards Limited and Otago Bay Limited have prepaid their obligations to the respective lessors for all rental payments in respect of the primary period.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 162
Gazette.govt.nz —
NZ Gazette 2000, No 162
✨ LLM interpretation of page content
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Transpower New Zealand Limited Notes to the Financial Statements
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Current Liabilities, Reconciliation of provision for current tax payable, Long term lease liabilities, Cross border leases, HVDC converter plant, Haywards Limited, ECNZ, Otago Bay Limited