New Zealand Gazette – 2006 – No. 149

Page 4313

✨ Financial Statements

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2006

10. CURRENT LIABILITIES

	LINES BUSINESS 2006	LINES BUSINESS 2005
	$000	$000
Bank overdrafts	-	-
Trade creditors	29,160	15,279
Interest payable	9,045	9,754
Employee entitlements	8,469	7,418
Other creditors and provisions	36,031	26,542
Short term debt	24,819	34,720
Current portion of long term debt	105,648	95,392
Deferred income	18,494	12,955
Total current liabilities	231,666	202,070

11. LONG TERM LEASE LIABILITIES

Long term lease liabilities payable:

	$000
One to two years	190
Two to five years	612
Later than five years	1,111
	1,913

The HVDC converter plants at the Haywards and Benmore substations were previously leased to a subsidiary company Haywards Limited, by ECNZ. The equipment was then sub-leased by Haywards 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 Oteranga 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 lease arrangement entered into by Halfway Bush Finance Limited and TB and T Limited 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 all obligations have been prepaid to the respective lessors for all rental payments in respect of the primary period.

VUW Te Waharoa — NZ Gazette 2006, No 149

Gazette.govt.nz — NZ Gazette 2006, No 149

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Transpower New Zealand Limited Lines Business (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated24 November 2006
KeywordsFinancial Instruments, Accounting Policies, NZ IFRS, Taxation, Transpower, Lines Business, 2006

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