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New Zealand Gazette – 2002 – No. 97

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✨ Financial Statements

2676 NEW ZEALAND GAZETTE No. 97

14. Commitments

Capital commitments

At balance date, there was $2,793,885 expenditure contracted for and approved by the company (2001 - $73,750).

Operating lease commitments

Lease commitment under non-cancellable operating leases

	2002	2001
	$000	$000

Not later than one year | 24 | 18 |
Within two years | 24 | |
| $48 | $18 |

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 $5.0 million (2000 - $3.3 million). The amount owed to Linework at year end is $820,016 (2001 - $396,711).

	2002	2001
	$000	$000

(a.) Construction of subtransmission assets | 1,928 | 4 |
(b.) Construction of zone substations | - | - |
(c.) Construction of distribution lines and cables | 260 | 239 |
(d.) Construction of medium voltage switchgear | 217 | 133 |
(e.) Construction of distribution transformers | 15 | 25 |
(f.) Construction of distribution substations | - | - |
(g.) Construction of low voltage reticulation | - | - |
(h.) Construction of other system fixed assets | - | 46 |
(i.) Maintenance of assets | 2,613 | 2,825 |
(j.) Consumer connections and disconnections | - | - |

During the year, and in the normal course of business, Electra Limited engaged services from Kerslake and Partners, a firm where director Mr W R Thessman is a partner. These purchases account for 0.19% (2000 - 0.27%) of total purchases. The amount outstanding at year end was $11,503 (2000 - $0).

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

VUW Te Waharoa — NZ Gazette 2002, No 97

Gazette.govt.nz — NZ Gazette 2002, No 97

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✨ LLM interpretation of page content

💰 Capital Commitments

Domain💰 Finance & Revenue
KeywordsCapital Commitments, Expenditure, Approved Contracts

💰 Operating Lease Commitments

Domain💰 Finance & Revenue
KeywordsOperating Leases, Non-cancellable Leases, Financial Commitments

💰 Transactions with Related Parties

Domain💰 Finance & Revenue
KeywordsRelated Party Transactions, Construction Services, Maintenance Services, Financial Transactions

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