✨ Financial Provisions
17. Provisions
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
| Total | |
|---|---|
| $000 |
Balance at 1 July 2008 | 24,896 |
Provisions made during the period | 4,670 |
Provisions reversed during the period | (1,854) |
Balance at 30 June 2009 | 27,712 |
Current portion of provisions | 5,000 |
Non-current portion of provisions | 21,939 |
Balance at 30 June 2009 | 27,712 |
Employee benefits
| | $000 |
Balance at 1 July 2008 | 3,982 |
Provisions made during the period | 3,976 |
Provisions reversed during the period | (3,960) |
Balance at 30 June 2009 | 3,998 |
Restructuring
| | $000 |
Balance at 1 July 2008 | 1,111 |
Provisions made during the period | 694 |
Provisions reversed during the period | (109) |
Balance at 30 June 2009 | 1,696 |
Disestablishing
| | $000 |
Balance at 1 July 2008 | 18,949 |
Provisions made during the period | (1,666) |
Provisions reversed during the period | 17,283 |
Balance at 30 June 2009 | 5,761 |
Legal
| | $000 |
Balance at 1 July 2008 | 854 |
Provisions made during the period | - |
Provisions reversed during the period | (1,354) |
Balance at 30 June 2009 | (500) |
Employee Benefits
The Group has a constructive obligation with regard to certain employee benefits. This provision is expected to be used within one year.
Staff redundancy provision
This provision is expected to be used within one year.
Restructuring
In September 2007, Transpower stood down the HVDC Pole 1 (Pole 1) due to the low probability, high consequence risks that the continued operation of the aging technology posed. Pole 1 has subsequently been modified and is available for limited operation under certain operating conditions.
Transpower recognises site restoration and rehabilitation liabilities where Transpower believes an obligation exists. Pole 1 contains mercury and Transpower has estimated the decommissioning cost based on engineering advice. The decommissioning costs may vary from the figures indicated.
Disestablishing
Actual decommissioning costs may vary from the figures indicated.
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NZ Gazette 2009, No 172
✨ LLM interpretation of page content
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Transpower New Zealand Limited Financial Provisions
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💰 Finance & RevenueProvisions, Employee benefits, Restructuring, Disestablishing, Legal, HVDC Pole 1, Decommissioning costs