New Zealand Gazette – 2002 – No. 173

Page 4369

✨ Financial Statements



TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2002

9. CURRENT LIABILITIES

LINES BUSINESS 2002 $'000 LINES BUSINESS 2001 $'000
Bank overdrafts 1,738 1,546
Trade creditors 31,689 30,753
Interest payable 10,136 14,279
Employee entitlements 5,957 5,065
Other creditors and provisions 21,800 28,392
Short term debt 98,126 90,204
Current portion of long term debt 253,462 267,419
Current portion of lease liabilities — —
Deferred income 18,176 17,624
Total current liabilities 441,084 455,282

10. 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 subtransmission 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 2002, No 173


Gazette.govt.nz — PDF NZ Gazette 2002, No 173




✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Notes to Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Current Liabilities, Long Term Lease Liabilities, Electricity