Previous Page  71 / 84 Next Page
Information
Show Menu
Previous Page 71 / 84 Next Page
Page Background

Note 26

Operating commitments

Operating commitments include non-cancellable lease payments for premises, motor vehicles and office equipment and non-

cancellable contracts for services like equipment maintenance and public relations.

Group

Parent

Operating commitments payable after balance date on:

2017

$000s

2016

$000s

2017

$000s

2016

$000s

Non-Cancellable Accommodation Leases:

Up to One Year

1,656

1,598

1,656

1,598

One to Two Years

1,447

2,341

1,447

2,341

Two to Five Years

2,191

1,156

2,191

1,156

Over Five Years

-

-

-

-

5,294

5,095

5,294

5,095

Non-Cancellable Motor Vehicle and Equipment Leases

Up to One Year

106

133

101

127

One to Two Years

82

87

82

86

Two to Five Years

81

128

81

128

Over Five Years

-

-

-

-

269

348

264

341

Non-Cancellable Contracts for Goods and Services

Up to One Year

3,324

2,750

3,324

2,750

One to Two Years

1,748

1,900

1,748

1,900

Two to Five Years

5

1,741

5

1,741

Over Five Years

-

-

-

-

5,077

6,391

5,077

6,391

Total operating commitments

10,640

11,834

10,635

11,827

Note 27

Related party transactions

Tourism New Zealand is a wholly owned entity of the Crown which has the ability to significantly influence its role. The Crown is Tourism

New Zealand’s major source of revenue.

Tourism New Zealand enters into transactions with government departments, state-owned enterprises and other Crown entities.

Those transactions that occur within a normal supplier or client relationship on terms and conditions no more or less favourable than

those which it is reasonable to expect Tourism New Zealand would have adopted if dealing with that entity at arm’s length in the same

circumstances have not been disclosed as related party transactions.

Tourism New Zealand also enters into transactions with its subsidiaries and associate. These transactions occur within a normal

supplier or client relationship on terms and conditions no more or less favourable than those which it is reasonable to expect Tourism

New Zealand would have adopted if dealing with that entity at arm’s length as well.

Tourism New Zealand also enters into transactions with board members and entities over which they have control or significant

influence. These transactions occur within a normal supplier or client relationship on terms and conditions no more or less favourable

than those which it is reasonable to expect Tourism New Zealand would have adopted if dealing with that entity at arm’s length.

The following table provides the total amount of transactions that were entered into with these related parties.

67