New Zealand Gazette – 2001 – No. 163

Page 3981

✨ Financial Statements



TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2001

10. CURRENT LIABILITIES

LINES BUSINESS 2001 LINES BUSINESS 2000
$000 $000
Bank overdrafts 1,546 1,714
Trade creditors 30,753 20,311
Interest payable 14,279 18,158
Employee entitlements 5,065 5,399
Other provisions 28,392 4,687
Provision for dividend - 42,373
Short term debt 90,204 75,339
Current portion of long term debt 267,419 126,204
Current portion of lease liabilities - -
Deferred income 17,624 17,259
Other liabilities 15 15
Total current liabilities 455,282 311,462

Related party transactions
Included in trade creditors:

2001 2000
ECNZ 2 121
Meridian Energy Limited - -
Mighty River Power Limited - -
Genesis Power Ltd 2 121

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 submarine cables are subject to a cross border lease arrangement entered into by Otaranga 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 Otaranga 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 — PDF NZ Gazette 2001, No 163


Gazette.govt.nz — PDF NZ Gazette 2001, No 163




✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Lines Business Financial Position (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Current Liabilities, Related Party Transactions, Long Term Lease Liabilities