New Zealand Gazette – 2003 – No. 162

Page 4510

✨ Financial Statements



TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2003

3. OPERATING EXPENSES

LINES BUSINESS 2003 LINES BUSINESS 2002
$000 $000
Administration and general costs 65,099 62,305
Asset operation and maintenance costs 120,445 106,599

Charges in respect of assets:
Depreciation – Buildings 1,942 1,432
Depreciation – Substations 32,893 38,730
Depreciation – HV/DC Link 10,788 10,140
Depreciation – HVDC leased assets 12,176 12,796
Depreciation – Communication assets 9,464 9,498
Depreciation – Administration assets 14,044 11,023
Infrastructure asset service potential adjustment 8,545 12,689
Stock and asset write-offs 7,105 7,500

Charges in respect of receivables:
Bad debts written off 8 32
Movement in the provision for doubtful debts 8,251 –
Provision for industry related costs – 15,000

| Directors' fees | 329 | 331 |
| Study grants and donations | 877 | 825 |
| Lease and rental costs | 2,591 | 2,546 |
| | | |
| Total operating expenses | 294,557 | 291,446 |

Net loss on the disposal of assets included in stock and asset write-offs:
6,810 7,352

Electricity regulations additional disclosures:

Employee salaries and redundancies:
28,688 27,602

| Human resource expenses | 2,766 | 2,794 |
| Marketing / advertising expenses | 551 | 494 |
| Legal and consultancy expenses (including industry reform) | 12,419 | 13,373 |
| Corporate and administration expenses | 14,891 | 11,103 |
| Other | 5,784 | 6,939 |
| | | |
| Total administration and general expenditure | 65,099 | 62,305 |

Transfer payments to “Other Transpower Businesses”
Payment for metering data 988 870
Payment for insurance 11,427 5,205
Total transfer payments to “Other Transpower Businesses” 12,415 6,075

| Local authority rates expense | 1,145 | 1,244 |
| Consumer billing and information system expense | 375 | 767 |

Depreciation of system assets
Depreciation of system assets 65,847 71,735
Depreciation of other assets 15,460 11,884
Total depreciation 81,307 83,619

| Bad debts written off | 8 | 32 |
| Movement in the provision for doubtful debts | 8,251 | – |
| Total cost of offering credit | 8,259 | 32 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 162


Gazette.govt.nz — PDF NZ Gazette 2003, No 162




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Financial statements, Operating expenses, Depreciation, Employee salaries, Transfer payments, Depreciation of system assets, Cost of offering credit