New Zealand Gazette – 2003 – No. 162

Page 4515

✨ Financial Statements



TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2003

8. FIXED ASSETS continued

In accordance with the Handbook asset values have been established at the lower of the Economic Value or the Optimised Depreciated Replacement Cost.

Electricity regulations additional disclosures:

848 877
Motor vehicles - -
Office equipment 55 248
Customer billing and information assets - 489

The customer billing and information assets are fully depreciated.
Transpower lines business system fixed assets have been valued at $1,966 million (2002: $1,995 million).

9. CURRENT LIABILITIES

| | LINES BUSINESS 2003 $
000 | LINES BUSINESS 2002 $
000 |
|---------------------------|--------------------------|--------------------------|
| Bank overdrafts | 752 | 1,738 |
| Trade creditors | 25,511 | 31,689 |
| Interest payable | 14,253 | 10,136 |
| Employee entitlements | 6,820 | 5,957 |
| Other creditors and provisions | 28,094 | 21,800 |
| Short term debt | 71,233 | 98,126 |
| Current portion of long term debt | 256,485 | 253,462 |
| Current portion of lease liabilities | - | - |
| Deferred income | 16,589 | 18,176 |
| Total current liabilities | 419,737 | 441,084 |

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 submarine cables are subject to a cross border lease arrangement entered into by Oteranga 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 Oteranga 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 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, Fixed assets, Current liabilities, Long term lease liabilities, Electricity regulations