New Zealand Gazette – 2003 – No. 127

Page 3433

✨ Financial Statements Continuation

5 SEPTEMBER
NEW ZEALAND GAZETTE
3433

Note 9. Contingent Liabilities and Capital Commitments

Capital Commitments

	2003 $'000	2002 $'000
The total amount committed at balance date was	85	40

Operating Lease Commitments

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

Period	2003 $'000	2002 $'000
Not later than 1 year	7	7
1 - 2 years	0	7
2 - 5 years	0	22
Later than 5 years	0	65
	7	101

Contingent Liabilities

A number of warranties have been granted to TrustPower as part of the sale of the Company's generation assets in respect of:

deficiencies in land titles, licences and resource consents 0 5,000
warranties in general 0 5,000

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 2002 to 31 March 2003.

Service	2003 $'000	2002 $'000
Construction of subtransmission assets	1,070	767
Construction of zone substations	1,888	456
Construction of distribution lines and cables	474	723
Construction of medium voltage switchgear	346	127
Construction of distribution transformers	396	66
Construction of substations	235	114
Construction of low voltage lines and cables	107	219
Construction of other fixed assets	562	69
Maintenance of assets	1,869	1,857
Consumer connections and reconnections
Asset Management Service	507	512
Other Services	502	503

VUW Te Waharoa — NZ Gazette 2003, No 127

Gazette.govt.nz — NZ Gazette 2003, No 127

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✨ LLM interpretation of page content

🏭 Westpower Limited Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated29 August 2003
KeywordsFinancial Statements, Contingent Liabilities, Capital Commitments, Operating Lease Commitments, Related Parties, West Coast Electric Power Trust, ElectroNet Services

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