New Zealand Gazette – 2005 – No. 25

Page 605

✨ Financial Statements and Related Party Transactions

21 JANUARY 2005
NEW ZEALAND GAZETTE, No. 25
605

Note 9. Contingent Liabilities and Capital Commitments

Capital Commitments

	2004 $000's	2003 $000's
The total amount committed at balance date was	0	85

Operating Lease Commitments

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

Period	2004 $000's	2003 $000's
Not later than 1 year	21	7
1 – 2 years	21	0
2 – 5 years	63	0
Later than 5 years	42	0
	147	7

Contingent Liabilities

There are no contingent liabilities at 31 March 2004

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 2003 to 31 March 2004.

Service	2004 $000's	2003 $000's
Construction of subtransmission assets	145	1,070
Construction of zone substations	1,101	1,888
Construction of distribution lines and cables	966	474
Construction of medium voltage switchgear	391	346
Construction of distribution transformers	292	396
Construction of substations	254	235
Construction of low voltage lines and cables	183	107
Construction of other fixed assets	361	562
Maintenance of assets	2,607	1,869
Consumer connections and reconnections	573	507
Asset Management Service	568	502
Services provided to ElectroNet Services Ltd	189	270
Amounts receivable from ElectroNet Services Ltd	68	0

At year end there was an outstanding balance of $1,031,516 (2003 $763,578) for such services.

VUW Te Waharoa — NZ Gazette 2005, No 25

Gazette.govt.nz — NZ Gazette 2005, No 25

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsContingent Liabilities, Capital Commitments, Operating Lease Commitments, Related Parties, Financial Transactions

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