✨ Financial Statements
30 NOVEMBER 2007
NEW ZEALAND GAZETTE, No. 134
3503
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2007
9. OTHER LONG TERM ASSETS
| LINES BUSINESS | LINES BUSINESS | |
|---|---|---|
| 2007 | 2006 | |
| $000 | $000 | |
| Structured financing transaction assets | 5,499 | 592,769 |
| Trade receivables greater than one year | 7,659 | 7,165 |
| 5,493 | 540,390 |
The structured financing transaction assets are discussed in Note 12.
10. CURRENT LIABILITIES
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 | |
| Trade creditors | 25,429 | 29,160 |
| Interest payable | 11,255 | 9,045 |
| Employee entitlements | 9,563 | 8,459 |
| Other creditors and provisions | 27,056 | 36,031 |
| Short term debt | 32,324 | 24,819 |
| Current portion of long term debt | 726,271 | 105,648 |
| Current portion of lease liabilities | 1,753 | 19,494 |
| Deferred income | 11,761 | — |
| Total current liabilities | 845,412 | 231,656 |
11. LONG TERM LEASE LIABILITIES
Long term lease liabilities payable:
| 2007 | 2006 | |
|---|---|---|
| $000 | $000 | |
| One to two years | 146 | 190 |
| Two to five years | 399 | 612 |
| Later than five years | 1,098 | 1,111 |
| 1,643 | 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 Halway 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.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 134
Gazette.govt.nz —
NZ Gazette 2007, No 134
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Transpower New Zealand Limited Lines Business Notes to the Financial Statements
(continued from previous page)
🏭 Trade, Customs & Industry30 November 2007
Financial Instruments, Derivatives, Hedging, Accounting Policies, NZ IFRS, Financial Reporting, Taxation, Revenue Deferral, Balance Sheet Adjustments, Operating Revenue, Transmission Services, Electricity Regulations