✨ Financial Statements
29 FEBRUARY 2012 NEW ZEALAND GAZETTE, No. 25 717
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 Tenix Alliance New Zealand (Tenix), which provides electricity and gas field services. There is a condition in the contract that states that a payment is made to Tenix 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
| Commitments for future capital expenditure resulting from contracts entered into: | 30 June 2011 NZ$000 | 30 June 2010 NZ$000 |
|---|---|---|
| Not longer than 1 year | 2,271 | 7,937 |
| Longer than 1 year and not longer than 5 years | 1,788 | 568 |
| Longer than 5 years | 4,059 | 7,805 |
| Other expenditure commitments resulting from contracts entered into: | 30 June 2011 NZ$000 | 30 June 2010 NZ$000 |
|---|---|---|
| Not longer than 1 year | 2,677 | 8,101 |
| Longer than 1 year and not longer than 5 years | 964 | 478 |
| Longer than 5 years | 3,541 | 6,573 |
10 RELATED PARTY TRANSACTIONS
Trading Transactions
Powerco gas 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.
No expense has been recognised during this period in respect of bad or doubtful debts due from related parties.
Compensation of key management personnel
| Year ended | 30 June 2011 NZ$000 | Year ended 30 June 2010 NZ$000 |
|---|---|---|
| The remuneration of directors and other members of key management during the year were as follows: | ||
| Short-term benefits | 669 | 948 |
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 since 30 June 2011.
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NZ Gazette 2012, No 25
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Powerco Gas Division Financial Statements
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💰 Finance & RevenueFinancial Statements, Contingent Liabilities, Commitments, Related Party Transactions, Compensation