✨ Financial Statements
NEW ZEALAND GAZETTE, No. 165
3 DECEMBER 2010
Notes to and Forming Part of the Financial Statements
For the year ended 30 June 2010
GAS DIVISION
9. CONTINGENT LIABILITIES AND COMMITMENTS
CONTINGENT LIABILITIES
Contracts - Powerco Limited has a contract with, Tapco Alliance New Zealand (Tapco), which provides electricity and gas field services. There is a condition in the central gas supply agreement that states that a payment commensurate to Tenix's range of key performance indicators, the achievement of a contingent liability to Powerco if performance does not meet the agreed levels. The amount of this payment is determined by a pre-determined calculation in the contract on an annual basis. At this time, any payments for future periods as of from Powerco cannot be quantified.
COMMITMENTS
| 30 June 2010 NZ$000 | 30 June 2009 NZ$000 | |
|---|---|---|
| Commitments for future capital expenditure resulting from contracts entered into: | ||
| Not longer than 1 year | 7,057 | 6,976 |
| Longer than 1 year and not longer than 5 years | 568 | 1,201 |
| Longer than 5 years | - | - |
| 7,625 | 8,177 |
| 30 June 2010 NZ$000 | 30 June 2009 NZ$000 | |
|---|---|---|
| Other expenditure line commitments resulting from contracts entered into: | ||
| Not longer than 1 year | 6,132 | 5,687 |
| Longer than 1 year and not longer than 5 years | 478 | 1,897 |
| Longer than 5 years | - | - |
| 6,610 | 7,584 |
10. RELATED PARTY TRANSACTIONS
Trading Transactions
For the year ended 30 June 2010, gas division was not charged a quarterly management fee from Powerco (2009: $0.316 million).
Powerco gas division has inter-company accounts with other divisions of Powerco Limited. The inter-company accounts were unsecured and no interest has been charged during the current period.
No expense has been recognised during the period in respect of bad or doubtful debts due from related parties.
Compensation of key management personnel
| Year ended | 30 June 2010 NZ$000 | 30 June 2009 NZ$000 |
|---|---|---|
| The remuneration of directors and other members of key management during the year were as follows: | ||
| Short-term benefits | 346 | 594 |
The remuneration of directors and key executives is determined by the remuneration committee having regard to the performance of individuals and market trends.
11. SUBSEQUENT EVENTS
There were no subsequent events requiring adjustment to the amounts or disclosures in the financial statements.
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NZ Gazette 2010, No 165
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Powerco Gas Division Financial Statements
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💰 Finance & RevenueContingent Liabilities, Commitments, Related Party Transactions, Compensation, Subsequent Events