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New Zealand Gazette – 2000 – No. 69

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✨ Financial Commitments and Transactions

26 JUNE NEW ZEALAND GAZETTE 1575

14. Commitments

Capital commitments

At balance date, there was $11,956 expenditure contracted for and approved by the Company (1999 - $657,175).

Operating lease commitments

Lease commitment under non-cancellable operating leases

	2000 $\000	1999 $\000
Not later than one year	87	161
Later than one year and not later than two years	-	87
Later than two years and not later than five years	-	-
	87	248

15. Transactions with related parties

During the year the Company purchased construction and maintenance services from its wholly owned subsidiary, Linework Limited, to an amount of $2.65 million (1999 - $3.03 million). The amount owed to Linework at year end is $459,156 (1999 - $333,252).

	2000 $\000	1999 $\000
(a.) Construction of subtransmission assets	207	236
(b.) Construction of zone substations	-	-
(c.) Construction of distribution lines and cables	188	135
(d.) Construction of medium voltage switchgear	20	4
(e.) Construction of distribution transformers	-	-
(f.) Construction of distribution substations	-	-
(g.) Construction of low voltage reticulation	2	60
(h.) Construction of other system fixed assets	-	78
(i.) Maintenance of assets	1,987	2,294
(j.) Consumer connections and disconnections	-	-

During the year, and in the normal course of business, Horowhenua Energy Limited engaged services from Kerslake and Partners, a firm where director Mr W R Thessman is a partner. These purchases account for 0.27% (1999 - 0.06%) of total purchases. There was no amount outstanding at year end (1999 - $1,096).

No related party debts have been written off or forgiven during this, or last year.

VUW Te Waharoa — NZ Gazette 2000, No 69

Gazette.govt.nz — NZ Gazette 2000, No 69

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✨ LLM interpretation of page content

💰 Capital and Operating Lease Commitments

Domain💰 Finance & Revenue
KeywordsCapital commitments, Operating lease commitments, Financial obligations

💰 Transactions with Related Parties

Domain💰 Finance & Revenue
KeywordsRelated party transactions, Construction services, Maintenance services, Financial disclosures
👱🏽 Names

W. R. Thessman (Mr), Director involved in related party transactions

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