New Zealand Gazette – 2003 – No. 110

Page 2911

✨ Financial Disclosures



14. Commitments

Capital commitments

At balance date, there was $269,000 expenditure contracted for and approved by the company (2002 - $2,793,885).

Operating lease commitments

Lease commitment under non-cancellable operating leases

2003 2002
$'000 $'000
Not later than one year 24 24
Within two years 4 24
After two years - -
Total 28 48

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 $3,949,000 (2002 - $5,033,000). The amount owed to Linework at year end is $402,466 (2002 - $820,016).

2003 2002
$'000 $'000
(a.) Construction of subtransmission assets 553 1,928
(b.) Construction of zone substations 115 -
(c.) Construction of distribution lines and cables 33 260
(d.) Construction of medium voltage switchgear 98 217
(e.) Construction of distribution transformers - 15
(f.) Construction of distribution substations - -
(g.) Construction of low voltage reticulation 281 -
(h.) Construction of other system fixed assets - -
(i.) Maintenance of assets 2,869 2,613
(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 0.04% (2002 - 0.19%) of total purchases. The amount outstanding at year end was $0 (2002 - $11,503).

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



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 110


Gazette.govt.nz — PDF NZ Gazette 2003, No 110




✨ LLM interpretation of page content

💰 Electra Limited Financial Statement (continued from previous page)

💰 Finance & Revenue
25 July 2003
Capital Commitments, Operating Leases, Related Party Transactions
  • W R Thessman (Mr), Director with related party transactions