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New Zealand Gazette – 2006 – No. 145

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✨ Financial Statements

4170

NEW ZEALAND GAZETTE, No. 145

21 NOVEMBER 2006

Note 9. Contingent Liabilities and Capital Commitments

Capital Commitments

	2006 $000's	2005 $000's
The total amount committed at balance date was	2,670	555

Operating Lease Commitments

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

Period	2006 $000's	2005 $000's
Not later than 1 year	21	21
1 - 2 years	21	21
2 - 5 years	63	63
Later than 5 years	0	21
	105	126

Contingent Liabilities

There are no contingent liabilities at 31 March 2006

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 2005 to 31 March 2006.

	2006 $000's	2005 $000's
Construction of subtransmission assets	1,670	1,810
Construction of zone substations	5,231	2,460
Construction of distribution lines and cables	835	1,478
Construction of medium voltage switchgear	509	726
Construction of distribution transformers	354	462
Construction of substations	83	162
Construction of low voltage lines and cables	283	223
Construction of other fixed assets	970	434
Maintenance of assets	2,517	2,493
Consumer connections and reconnections	588	543
Asset Management Service	398	791
Other Services
Services provided to ElectroNet Services Ltd	75	122
Amounts receivable from ElectroNet Services Ltd	7	0

At year end there was an outstanding balance of $1,484,923 (2005 $2,510,813) for such services.
No related party debts have been written off or forgiven during the year.

VUW Te Waharoa — NZ Gazette 2006, No 145

Gazette.govt.nz — NZ Gazette 2006, No 145

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✨ LLM interpretation of page content

💰 Westpower Limited Financial Notes (continued from previous page)

Domain💰 Finance & Revenue
KeywordsContingent Liabilities, Capital Commitments, Operating Leases, Related Party Transactions, Financial Instruments, Electric Power Trust

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