New Zealand Gazette – 2008 – No. 33

Page 760

✨ Financial Statements Notes

Note 9. Contingent Liabilities and Capital Commitments

Capital Commitments

	2007
	$000's

The total amount committed at balance date was	1,827

	2006
	$000's

The total amount committed at balance date was	2,670

Operating Lease Commitments

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

Period	2007
	$000's
Not later than 1 year	21
1 - 2 years	21
2 - 5 years	42
Later than 5 years	84

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

Contingent Liabilities

There are no contingent liabilities at 31 March 2007 (2006 $0)

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 2006 to 31 March 2007.

	2007
	$000's
Construction of subtransmission assets	2,058
Construction of zone substations	5,404
Construction of distribution lines and cables	1,580
Construction of medium voltage switchgear	308
Construction of distribution transformers	428
Construction of substations	109
Construction of low voltage lines and cables	116
Construction of other fixed assets	1,311
Maintenance of assets	3,074
Consumer connections and reconnections	-
Asset Management Service	583
Other Services	349

	2006
	$000's
Construction of subtransmission assets	1,670
Construction of zone substations	5,231
Construction of distribution lines and cables	835
Construction of medium voltage switchgear	509
Construction of distribution transformers	354
Construction of substations	83
Construction of low voltage lines and cables	283
Construction of other fixed assets	970
Maintenance of assets	2,517
Consumer connections and reconnections	-
Asset Management Service	588
Other Services	398

Services provided to ElectroNet Services Ltd | 25 |
Amounts receivable from ElectroNet Services Ltd | 14 |

	2006
	$000's
Services provided to ElectroNet Services Ltd	75
Amounts receivable from ElectroNet Services Ltd	7

At year end there was an outstanding balance of $1,267,131 (2006 $1,484,923) for such services.
No related party debts have been written off or forgiven during the year.

VUW Te Waharoa — NZ Gazette 2008, No 33

Gazette.govt.nz — NZ Gazette 2008, No 33

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsCapital Commitments, Operating Lease Commitments, Contingent Liabilities, Related Parties, Westpower Limited

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