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Retrieving Data

Note 6

For The Year Ended 31 March 2012


2012 2011 2012 2011
For the year ended 31 March 2012 Note $000 $000 $000 $000
Electricity sales 729,997 694,459 727,147 692,008
Electricity lease revenue 33,573 28,506 - -
  763,750 722,965 727,147 692,008
Electricity lease revenue is revenue recognised in connection with Snowtown Wind Farm Pty Ltd’s (a subsidiary of the Company) Power Purchase Agreement to sell 90% of all energy generated by the Snowtown Wind Farm to a significant Australian electricity retailer. This agreement has been deemed as an operating lease of the wind farm under NZ IFRS and all revenue under the contract accounted for as lease revenue. Because of the contract terms, in particular that the volume of energy supplied is variable dependent on the actual generation of the Snowtown Wind Farm, the future minimum payments under the term of the contract, that expires on 31 December 2018, are contingent in nature and therefore not able to be quantified.