Notes to the financial statements
8. Revenue continued 8.2 Revenue in relation to contract liabilities The following table sets out the expected timing of future recognition of revenue relating to performance obligations not satisfied (or partially satisfied) at balance date:
1 - 2 YEARS $M
2 - 4 YEARS $M
TOTAL $M
2023
1.7 3.4 5.1
1.2
2.9 3.4 6.3
Electricity distribution services Telecommunication services
–
Total
1.2
1 - 2 YEARS $M
2 - 4 YEARS $M
TOTAL $M
2022
Electricity distribution services Telecommunication services
1.7 3.3 5.0
1.2 0.7 1.9
2.9 4.0 6.9
Total
Policies
No information is provided in relation to the remaining performance obligations at 30 June 2023 or 30 June 2022 that have an original duration of one year or less as permitted by NZ IFRS 15 Revenue from Contracts with Customers .
Revenue recognised
Of the revenue recognised this year, $51.7 million was included in the contract liability balance at the beginning of the reporting period. (2022: $29.0 million).
9. Operating expenses
2023 $M
2022 $M
NOTE
184.2 137.1
Electricity transmission
4 4
181.4 123.2
Gas purchases and production Energy solutions cost of sales Network and asset maintenance
17.9 81.7
17.4 75.2 90.0 84.2 12.8
4
100.4
Other direct expenses
92.2 16.6
Employee benefit expenses Administration expenses
4
8.1
Professional fees
7.2
23.7
IT expenses
18.0
7.0
Other indirect expenses
5.9
Total
668.9
615.3
Fees paid to auditors
Fees were paid to KPMG as follows: — audit or review of financial statements: $643,250 (2022: $594,000);
— regulatory assurance: $385,000 (2022: $394,000); — other assurance fees: $89,000 (2022: $67,500); — non-audit fees: $143,738 (2022: 199,067).
Other assurance fees include fees for the audit of guaranteeing group financial statements, bond registers, assurance over greenhouse gas calculations and agreed upon procedures required by certain contractual arrangements. Non-audit fees related to advisory services for R&D tax credits and risk assurance.
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