✨ Financial Statements and Commitments
3314 NEW ZEALAND GAZETTE No. 138
TAURANGA ELECTRICITY LIMITED
Shareholders’ and Underwriting Agreements
The company has entered into a Shareholders’ & Underwriting Agreement with PowerBuy Group Ltd whereby PowerBuy Group Ltd will distribute all profits to shareholders but the shareholders have agreed to underwrite any loss incurred by the company.
The directors of Tauranga Electricity Ltd are satisfied that the risk of PowerBuy Group Ltd incurring lossess is minimised by systems and internal controls which have been reviewed by an independent party. Tauranga Electricity Ltd’s liability under this agreement is limited to $1,428,693.
Claim - Waitangi Tribunal
The company generates electricity from a hydro-electric station [Omanawa] located on the Omanawa River on land owned by the Tauranga District Council. The Ngati Ranginui and Ngati Rangikawa Hapu have claimed ownership of the land and lodged a claim with the Waitangi Tribunal on 18 February 1993. The amount of the claim is not able to be quantified.
11. COMMITMENTS
| Line Business 1996 | Line Business 1995 | Other Businesses 1996 | Other Businesses 1995 | |
|---|---|---|---|---|
| Capital Commitments | ||||
| Estimated capital expenditure contracted for at balance date but not provided for in relation to the reticulation of subdivisions | $820,000 | $1,004,350 |
| Operating Lease Commitments |
Lease commitments under non-cancellable operating leases:
Payable:
- Not later than one year | 0 | 0 | 5,657 | 5,943 |
- Later than one year and not later than two years | 0 | 0 | 3,525 | 5,657 |
- Later than two years and not later than five years | 0 | 0 | 0 | 3,525 |
- Later than five years | 0 | 0 | $9,182 | $15,125 |
12. TRANSACTIONS WITH RELATED PARTIES
Tauranga Electricity Limited paid/received the following amounts to/from related parties:
- Tauranga District Council
- Income: 259,802 (1996), 234,726 (1995)
- Expenditure: 0 (1996), 0 (1995)
| Line Business | Other Businesses | ||
|---|---|---|---|
| 1996 | 647,566 | ||
| 1995 | 647,350 | ||
| Expenditure | 1996 | 63,471 | |
| 1995 | 138,134 |
- Tauranga Civic Holdings Ltd
- Exp: 3,460,218 (1996), 923,085 (1995)
| Other Businesses | ||
|---|---|---|
| 1996 | 1,236,842 | |
| 1995 | 37,966 |
The accompanying Statement of Accounting Policies and Notes form part of and are to be read in conjunction with these Financial Statements. The Financial Statements have been prepared solely for the purpose of complying with Regulations 6[2] and 6[3] of the Electricity [Information Disclosure] Regulations 1994 and are not intended for any other purpose.
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VUW Te Waharoa —
NZ Gazette 1996, No 138
NZLII —
NZ Gazette 1996, No 138
✨ LLM interpretation of page content
🏭
Certification of Financial Statements and Performance Measures by Tauranga Electricity Limited
(continued from previous page)
🏭 Trade, Customs & Industry7 August 1996
Electricity, Financial Statements, Performance Measures, Certification, Tauranga
🏭 Shareholders’ and Underwriting Agreements
🏭 Trade, Customs & IndustryShareholders, Underwriting Agreements, Profits, Losses, PowerBuy Group Ltd
🪶 Claim - Waitangi Tribunal
🪶 Māori AffairsWaitangi Tribunal, Land Claim, Hydro-electric Station, Omanawa River, Ngati Ranginui, Ngati Rangikawa Hapu
🏭 Commitments
🏭 Trade, Customs & IndustryCapital Commitments, Operating Lease Commitments, Financial Expenditure
🏭 Transactions with Related Parties
🏭 Trade, Customs & IndustryRelated Party Transactions, Tauranga District Council, Tauranga Civic Holdings Ltd, Income, Expenditure