New Zealand Gazette – 2001 – No. 117

Page 3019

✨ Financial Statements

Note 9. Contingent Liabilities and Capital Commitments

Capital Commitments

| | 2001
$ '000 | 2000
$ '000 |
|--------|----------------|
| | The total amount committed at balance date was | 40 | 220 |

Operating Lease Commitments

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

| Period | 2001
$ '000 | 2000
$ '000 |
|-----------------------------|----------------|
| Not later than 1 year | 7 | 7 |
| 1 - 2 years | 7 | 7 |
| 2 - 5 years | 22 | 22 |
| Later than 5 years | 65 | 72 |
| | 101 | 108 |

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 2000 to 31 March 2001.

| | 2001
$ '000 | 2000
$ '000 |
|--------------------------------------|----------------|
| Construction of subtransmission assets* | 300 | 435 |
| Construction of zone substations | 150 | 221 |
| Construction of distribution lines and cables | 658 | 526 |
| Construction of medium voltage switchgear | 445 | 140 |
| Construction of distribution transformers | 140 | 82 |
| Construction of substations | 334 | 166 |
| Construction of low voltage lines and cables | 221 | 245 |
| Construction of other fixed assets | - | 118 |
| Maintenance of assets | 1,726 | 1,420 |
| Consumer connections and reconnections | 64 | - |
| Asset Management Service | 488 | 57 |
| Other Services | 629 | 536 |

Subtransmission assets now disclosed separately

At year end there was an outstanding balance of $542,933 (2000 $978,592) for such services.

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

VUW Te Waharoa — NZ Gazette 2001, No 117

Gazette.govt.nz — NZ Gazette 2001, No 117

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Contingent Liabilities, Capital Commitments, Operating Leases, Related Parties

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