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New Zealand Gazette – 2004 – No. 171

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✨ Financial Statements

NEW ZEALAND GAZETTE, No. 171

22 DECEMBER 2004

4271

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2004

9. CURRENT LIABILITIES

	LINES BUSINESS 2004	LINES BUSINESS 2003
	$000	$000
Bank overdrafts	-	752
Trade creditors	14,475	25,512
Interest payable	11,386	14,253
Employee entitlements	7,092	6,820
Other creditors and provisions	32,258	28,094
Short term debt	12,432	71,233
Current portion of long term debt	407,440	256,485
Current portion of lease liabilities	-	-
Deferred income	14,506	16,589
Total current liabilities	499,589	419,738

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 three cross border leases.

The HVDC converter plant at the Haywards and Benmore substations were previously leased to a subsidiary company Howards Limited, by FCNZ. The equipment was then sub-leased by Howards 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 Otahuhu Bay Limited in the period ended 30 June 1996.

The majority of the AC transmission assets in the South Island are subject to a cross border finance lease entered into by Hallway Bush Finance Limited entered into in the period ended 30 June 2004.

The Transpower Lines Business does not recognise a lease liability with respect to these cross border leases as Howards Limited, Otahuhu Bay Limited and Hallway Bush Limited have prepaid their obligations to the respective lessors for all rental payments in respect of the primary period.

VUW Te Waharoa — NZ Gazette 2004, No 171

Gazette.govt.nz — NZ Gazette 2004, No 171

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Financial Performance of Transpower New Zealand Limited Lines Business (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated22 December 2004
KeywordsFinancial Statements, Current Liabilities, Long Term Lease Liabilities, Cross Border Leases, Submarine Cables

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