✨ Financial Statements and Notes
Network Tasman Limited
Line Business Financial Statements
Notes to and forming part of the financial statements
For the year ended 31 March 2003
| | 2003
$000 | 2002
$000 |
|----------------|----------------|----------------|
| Net transmission costs on-charged (1 April 2002 to 31 March 2003) | 1,620 | 1,401 |
| Balance due from Nelson Electricity Limited as at 31 March 2003 | 151 | 127 |
Mr C Turner - Nelson Pine Industries Limited
Nelson Pine Industries Limited, a company in which Mr C Turner (a director of Network Tasman Limited) is General Manager, contracts directly on an arms length basis with Network Tasman Limited, for distribution services. The services amount to 4.8% of total net line revenue.
As at 31 March 2003, the balance owing by Nelson Pine Industries Limited was $116,355.
No related party debts have been written off or forgiven during the year.
15. Segmental Information
For reporting purposes the company operates predominantly in one industry - the distribution of electricity. The operations of the company are carried out in New Zealand and are therefore within one geographical segment for reporting purposes.
16. Commitments
Capital commitments
Capital commitments as at 31 March 2003 were $1,924,756 (2002: $181,763).
Operating lease commitments
Lease commitments under non-cancellable operating leases are payable as follows:
| | 2003
$000 | 2002
$000 |
|------------------|----------------|----------------|
| Less than one year | 265 | 254 |
| Between one and two years | 265 | 254 |
| Between two and five years | 796 | 763 |
| Greater than five years | 1,983 | 2,156 |
| Total operating lease commitments | 3,309 | 3,427 |
17. Contingencies
Network Tasman Limited issued court proceedings against Transpower New Zealand Limited in respect of the Output Connection Contract.
There is no adverse financial exposure to Network Tasman Limited except for associated legal costs.
As at 31 March 2003 there were no material contingent liabilities.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 63
Gazette.govt.nz —
NZ Gazette 2003, No 63
✨ LLM interpretation of page content
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Network Tasman Limited Line Business Financial Statements
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🏭 Trade, Customs & IndustryFinancial Statements, Operating Surplus, Cash Flows, Related Parties, Parent Entity, Associate Company
- C Turner, Director of Network Tasman Limited