✨ Financial Statements Notes
2 NOVEMBER 2012
NEW ZEALAND GAZETTE, No. 132
Notes to and Forming Part of the Financial Statements
For the year ended 31 March 2012
GAS DIVISION
9. CONTINGENT LIABILITIES AND COMMITMENTS
CONTINGENT LIABILITIES
Contracts - Powerco has a contract with Trust Alliance New Zealand (Taranaki) which provides electricity and gas field services. There is a condition in the contract that states that if payments to Trust if a range of key performance indicators are achieved and a payment is made to Powerco if performance does not meet the agreed levels. The amount of the payment is determined by a predetermined calculation in the contract on an annual basis. At this time, any payment for future periods to or from Powerco cannot be quantified.
COMMITMENTS
| 31 March 2012 | 30 June 2011 | |
|---|---|---|
| NZ$000 | NZ$000 | |
| Commitments for future capital expenditure resulting from contracts entered into: | ||
| Not longer than 1 year | 1,785 | 2,271 |
| Longer than 1 year and not longer than 5 years | 1,042 | 1,788 |
| Longer than 5 years | — | 4,059 |
| 2,827 | 8,118 |
| 31 March 2012 | 30 June 2011 | |
|---|---|---|
| NZ$000 | NZ$000 | |
| Other expenditure commitments resulting from contracts entered into: | ||
| Not longer than 1 year | 1,837 | 2,677 |
| Longer than 1 year and not longer than 5 years | 740 | 964 |
| 2,577 | 3,641 |
10. RELATED PARTY TRANSACTIONS
Trading transactions
The Division has inter-company accounts with other divisions of Powerco Limited. The inter-company accounts are unsecured and no interest has been charged during the current period (2011: Nil). No expenses has been recognised during the period in respect of bad or doubtful debts due from related parties.
Compensation of key management personnel
| Year ended | Year ended | |
|---|---|---|
| 31 March 2012 | 30 June 2011 | |
| NZ$000 | NZ$000 | |
| The remuneration of directors and other members of key management during the year was as follows: | ||
| Short-term benefits | 591 | 669 |
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 significant subsequent events since 31 March 2012 requiring adjustment to these financial statements and disclosures, except for the refinancing of the commercial bank debt which is disclosed in Note 3d.
Next Page →
NZ Gazette 2012, No 132
✨ LLM interpretation of page content
💰
Powerco Gas Division Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Property, Plant, Equipment, Intangibles, Powerco, Gas Division