New Zealand Gazette – 2005 – No. 118

Page 2858

✨ Financial Statements

2858 NEW ZEALAND GAZETTE, No. 118 5 AUGUST 2005

Note 9. Contingent Liabilities and Capital Commitments

Capital Commitments

| | 2005
$000's | 2004
$000's |
|----------------|-------------------|-----------------|
| The total amount committed at balance date was | 555 | 0 |

Operating Lease Commitments

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

| Period | 2005
$000's | 2004
$000's |
|---------------------------------|------------------|-----------------|
| Not later than 1 year | 21 | 21 |
| 1 - 2 years | 21 | 21 |
| 2 - 5 years | 63 | 63 |
| Later than 5 years | 21 | 42 |
| Total | 126 | 147 |

Contingent Liabilities

There are no contingent liabilities at 31 March 2005

Note 10. Related Parties

At balance date the West Coast Electric Power Trust held 100 per cent of the shares in Westpower Limited.

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 2004 to 31 March 2005.

| Service | 2005
$000's | 2004
$000's |
|---------------------------------------------|----------------|----------------|
| Construction of subtransmission assets | 1,810 | 145 |
| Construction of zone substations | 2,460 | 1,101 |
| Construction of distribution lines and cables| 1,478 | 966 |
| Construction of medium voltage switchgear | 726 | 391 |
| Construction of distribution transformers | 462 | 292 |
| Construction of substations | 162 | 254 |
| Construction of low voltage lines and cables| 223 | 183 |
| Construction of other fixed assets | 434 | 361 |
| Maintenance of assets | 2,493 | 2,607 |
| Consumer connections and reconnections | 543 | 573 |
| Asset Management Service | 791 | 568 |
| Other Services | 791 | 568 |

| Services provided to ElectroNet Services Ltd | 122 | 189 |
| Amounts receivable from ElectroNet Services Ltd | 0 | 68 |

At year end there was an outstanding balance of $2,510,813 (2004 $1,031,516) for such services. No related party debts have been written off or forgiven during the year.

VUW Te Waharoa — NZ Gazette 2005, No 118

Gazette.govt.nz — NZ Gazette 2005, No 118

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✨ LLM interpretation of page content

🏭 Westpower Limited Notes to Financial Statements (continued from previous page)

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

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