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New Zealand Gazette – 2008 – No. 46

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✨ Financial Statements

Notes to and Forming Part of the Financial Statements

For the year ended 31 March 2007

POWERCO

ELECTRICITY DIVISION

Commitments

Commitments for future capital expenditure resulting from contracts entered into:

| | 31 March 2007
NZ$000 | 30 June 2006
NZ$000 |
| --- | --- |
| Not longer than 1 year | 17,057 | 16,985 |
| Longer than 1 year and not longer than 5 years | 35,197 | 46,243 |
| Longer than 5 years | - | - |
| Total | 52,254 | 63,228 |

Lease obligations

Operating lease obligations payable after balance date on non-cancellable leases are as follows:

| | 31 March 2007
NZ$000 | 30 June 2006
NZ$000 |
| --- | --- |
| Not longer than 1 year | 460 | 1,338 |
| Longer than 1 year and not longer than 5 years | 528 | 527 |
| Longer than 5 years | 136 | 153 |
| Total | 1,124 | 2,018 |

11 RELATED PARTY TRANSACTIONS

Trading Transactions

For the 12 months ended 31 March 2007, the Powerco electricity division was charged management service fees of $1.4 million (2006: NIL) from BBI Networks (New Zealand) Limited (BBINNZ) - the parent company of Powerco Limited. The payment terms are: payment is required when an invoice is provided from BBINNZ and the amount is set in recognition of the following services being provided: executive strategic management, corporate development and asset management operational advice and direction, corporate financial advice, strategic treasury management advice, corporate revenue and risk management advice and other corporate policy formulation and advice.

The Powerco electricity division has inter-division accounts with the other divisions of Powerco Limited. Notional interest has been recognised on this inter-company balance during the period at the same rate as the division’s external debt. For the 12 months ended 31 March 2007 $8.9 million in notional interest income was recognised in the Income Statement for the electricity division (2006: $6.7 million interest income).

A notional charge for the cost of insurance has been made from the corporate division to the electricity division of $2,265,904 (30 June 2006: $2,015,670).

The Powerco electricity division acquired $14.490 million of non-network assets from one of the other divisions of Powerco Limited, of which $2.693 million was made up of intangible assets. Of these acquired assets, $6.809 million was funded by equity and $7.261 million by inter-division debt.

All of the inter-division transactions are transacted via the inter-division account. The outstanding balance of the account at year end has been disclosed on the face of the balance sheet.

Asset maintenance costs of $28.802 million (2006: $29.061 million) has been charged by one of Powerco’s other divisions to the Electricity Division.

Compensation of key management personnel

| Compensation of key management personnel | Year ended 31 March 2007
NZ$000 | Year ended 30 June 2006
NZ$000 |
| --- | --- |
| Short-term benefits | 1,418 | 2,352 |
| Post employment benefits | 18 | 29 |
| Total | 1,436 | 2,381 |

The remuneration of directors and key executives is determined by the remuneration committee having regard to the performance of individuals and market trends.

VUW Te Waharoa — NZ Gazette 2008, No 46

Gazette.govt.nz — NZ Gazette 2008, No 46

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Contingent Liabilities and Commitments (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsLegal Claims, Taxation Risk, Contracts, Powerco Limited, Todd Energy Limited, Transpower Limited, IRD, Tenix Alliance New Zealand Limited

🏭 Powerco Electricity Division Commitments

Domain🏭 Trade, Customs & Industry
KeywordsCapital Expenditure, Contracts, Powerco Limited

🏭 Powerco Electricity Division Lease Obligations

Domain🏭 Trade, Customs & Industry
KeywordsOperating Leases, Lease Obligations, Powerco Limited

🏭 Related Party Transactions

Domain🏭 Trade, Customs & Industry
KeywordsManagement Service Fees, Inter-division Accounts, Notional Interest, Insurance, Asset Maintenance, Powerco Limited, BBI Networks (New Zealand) Limited

🏭 Compensation of Key Management Personnel

Domain🏭 Trade, Customs & Industry
KeywordsRemuneration, Directors, Key Executives, Powerco Limited

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