New Zealand Gazette – 1996 – No. 111

Page 2837

✨ Trustpower Financial Statements



9 SEPTEMBER

NEW ZEALAND GAZETTE

2837

TRUSTPOWER LIMITED AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1996

NOTE 18 : RELATED PARTY TRANSACTIONS

NO RELATED PARTY DEBTS WERE FORGIVEN OR WRITTEN OFF DURING THE PERIOD.

DURING THE PERIOD TO 31 MARCH 1996 MATERIAL TRANSACTIONS TOOK PLACE WITH THE FOLLOWING RELATED PARTIES:

TAURANGA JOINT GENERATION COMMITTEE (KAIMAI HYDROPOWER)

TRUSTPOWER LIMITED HAS A 50% INTEREST IN THE ASSETS OF THIS COMMITTEE WHICH TRADES AS KAIMAI HYDROPOWER. ANY GENERATION SURPLUS IS REBATED ON THE BASIS OF EACH PARTNER'S ANNUAL ENERGY PURCHASES AND IS RECOGNISED AS SALES FOR THE GENERATION DIVISION. FOR THE PERIOD ENDED 31 MARCH 1996 TRUSTPOWER LIMITED WAS ALLOCATED 80.51% (78.4% IN 1995) OF THE GENERATION SURPLUS.

LINE BUSINESS $'000 ENERGY BUSINESS $'000 GENERATION BUSINESS $'000
TRANSACTIONS:
PURCHASE OF 31,220
ELECTRICITY
PROVISION OF (119)
SERVICES
INTEREST RECEIVED (1,421)
REBATES RECEIVED (5,167)
BALANCE OWING AT (2,221)
END OF PERIOD

NOTE 19 : SEGMENTAL REPORTING

THE GROUP OPERATES WITHIN THE ELECTRICITY SUPPLY INDUSTRY. ALL OPERATIONS TAKE PLACE WITHIN NEW ZEALAND PREDOMINATELY IN THE BAY OF PLENTY.

NOTE 20 : EMPLOYEE SHARE OWNERSHIP TRUST

AN EMPLOYEE SHARE OWNERSHIP TRUST WAS ESTABLISHED BY THE ENERGY COMPANIES (TRUSTPOWER LIMITED) VESTING ORDER 1993.

ALL EMPLOYEES WHO HAVE BEEN WITH THE COMPANY AT LEAST SIX MONTHS HAVE EQUAL ENTITLEMENT TO PARTICIPATE. ISSUES ARE MADE PERIODICALLY AT A DISCOUNTED PRICE SET AT THE DISCRETION OF THE TRUSTEES BY REFERENCE TO THE MARKET. THE TRUSTEES ARE ONE DIRECTOR (A.L CARPENTER), THE CHIEF EXECUTIVE (J.K WILLIAMS) AND AN ELECTED STAFF REPRESENTATIVE (T.M THORN).

THE TRUSTEES HAVE NON-BENEFICIAL CONTROL OF THE SHARES NOT YET ALLOCATED. THE TRUSTEES ARE ENTITLED TO EXERCISE THE VOTING RIGHTS OF UNALLOCATED SHARES.

NO FINANCIAL SUPPORT IS PROVIDED TO THE TRUST BY THE COMPANY.

THE EMPLOYEE SHARE OWNERSHIP TRUST HELD THE FOLLOWING ORDINARY SHARES AT THE END OF THE PERIOD:

LINE BUSINESS $'000 ENERGY BUSINESS $'000 GENERATION BUSINESS $'000
NOT YET ALLOCATED
FULLY PAID UP 445,749 21,739 380,087
ORDINARY SHARES
PERCENTAGE OF
ORDINARY SHARES 0.36% 0.017% 0.30%

ALL SHARES HELD BY THE PLAN CARRY FULL VOTING RIGHTS.



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✨ LLM interpretation of page content

💰 Trustpower Limited Financial Statements (continued from previous page)

💰 Finance & Revenue
Financial Statements, Related Party Transactions, Employee Share Ownership Trust, Trustpower
  • A. L. Carpenter (Director), Trustee of Employee Share Ownership Trust
  • J. K. Williams (Chief Executive), Trustee of Employee Share Ownership Trust
  • T. M. Thorn, Elected Staff Representative and Trustee of Employee Share Ownership Trust