✨ Financial Provisions Report
29 NOVEMBER 2010 NEW ZEALAND GAZETTE, No. 159 4017
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
18. Provisions
| Employee benefits $\text{ }000$ | Restructuring $\text{ }000$ | Dismantling $\text{ }000$ | Total $\text{ }000$ | |
|---|---|---|---|---|
| Balance at 1 July 2009 | 3,960 | 696 | 17,283 | 21,939 |
| Provisions made during the period | 4,534 | 322 | - | 4,856 |
| Provisions used during the period | (3,959) | (660) | (2,040) | (6,659) |
| Provisions reversed during the period | - | - | - | - |
| Balance at 30 June 2010 | 4,535 | 358 | 15,243 | 20,136 |
| Current portion of provisions | 4,535 | 358 | 5,081 | 9,974 |
| Non current portion of provisions | - | - | 10,162 | 10,162 |
| Balance at 30 June 2010 | 4,535 | 358 | 15,243 | 20,136 |
Employee Benefits
The Transpower Lines Business has a constructive obligation with regard to certain employee benefits. This provision is expected to be used within one year.
Restructuring
Staff redundancy provision. This provision is expected to be used within one year.
Dismantling
In September 2007, The Transpower Lines Business 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. Following additional risk mitigation measures including decommissioning one half of Pole 1, the remaining half pole was made available for limited operation.
The Transpower Lines Business recognises site restoration and rehabilitation liabilities where The Transpower Lines Business believes an obligation exists. Pole 1 contains mercury and The Transpower Lines Business has estimated the decommissioning cost based on engineering advice. Decommissioning of the remaining half of Pole 1 is planned for the end of 2011 taking about two years to completely clear the Pole 1 site. Actual decommissioning costs may vary from the figures indicated.
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NZ Gazette 2010, No 159
✨ LLM interpretation of page content
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Transpower New Zealand Limited Financial Statements
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🏭 Trade, Customs & IndustryFinancial liabilities, Employee benefits, Restructuring, Dismantling, Provisions