59
F I N A N C I A L S T A T E M E N T S
2 0 1 5 |
WE L ANNUA L REPOR T
59
Group
Group
Parent
Parent
2015
2014
2015
2014
($000)
($000)
($000)
($000)
25. Commitments
Capital expenditure
Capital expenditure contracted for at the balance sheet date but not yet incurred is as follows:
Property, plant and equipment
319
9,946
319
9,946
Intangible assets
37
36
37
36
356
9,982
356
9,982
Installation of theWaikato smart network project is nearing completion with almost all advanced meters now installed.
Operating lease commitments
The Group leases land, premises and vehicles. Operating leases held over properties give the Group the right to renew the lease subject
to a predetermination of the lease rental by the lessor. There are no options to purchase in respect of land and premises held under
operating leases.
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
No later than one year
1,003
2,065
597
1,012
Later than one year and no later than two years
851
2,169
369
741
Later than two, not later than five years
2,173
2,642
366
514
Later than five years
3,670
4,573
608
707
7,697
11,449
1,940
2,974
26. Investments in subsidiaries
Shares at Cost
-
-
-
-
Net Advances to Subsidiaries
-
-
96,753
49,694
-
-
96,753
49,694
The parent has 85 shares (85% of shares) inWaikato Networks Limited. The shares are fully paid.
Interest
Interest
Operating Subsidiaries
Activity
Construction of fibre network
2015
2014
Waikato Networks Limited (formerly Ultrafast Fibre Limited).
85%
85%
Non Operating Subsidiaries
WEL Electricity Limited
WEL Power Limited
WEL Energy Group Limited (formerly WEL Networks Limited)
Waikato Electricity Limited
WEL Generation Limited
All subsidiaries have balance dates of 31 March and are incorporated in New Zealand. The parent company has a 100% direct interest
in all subsidiaries except as noted above.
27. Related-party transactions
(a) Directors
The names of persons who were directors of the company at any time during the financial year are as follows: M P Devlin, M X Franklin,
P D McGilvary and A V Steele plus B S Harris and D RWright who were appointed in October 2014 and J L Spencer and Hon RW Prebble
who both retired in September 2014. All of these persons were also directors during the year ended 31 March 2014, except for B S Harris
and D RWright who were appointed in October 2014.
(b) Compensation of directors and key management and personnel
The directors and key management personnel compensation for the years ended 31 March 2015 and 31 March 2014 is set out below.
The directors and the five executives profiled in this report have the greatest authority for the strategic direction and management
of the company.
Short-term
benefits
($000)
Post-
employment
benefits
($000)
Other
long-term
benefits
($000)
Termination
benefits
($000)
Total
($000)
Year ended 31 March 2015
1,587
39
(211)
30
1,444
Year ended 31 March 2014
2,492
57
(194)
35
2,390
