New Zealand Gazette – 1996 – No. 145

Page 3502

✨ Financial Statements and Notes



NEW ZEALAND GAZETTE

No. 145

CAPITAL POWER LIMITED

NOTES TO THE FINANCIAL STATEMENTS ... continued

LINE BUSINESS ENERGY BUSINESS TOTAL
31-Mar-96 31-Mar-95 31-Mar-96
$000 $000 $000

13 COMMITMENTS

Capital Commitments

Operating Lease Commitments

Not Later Than One Year

  • | - | 378 | 440 | 378 | 440

Later Than One Year But Not Later Than Two Years

  • | - | 363 | 368 | 363 | 368

Later Than Two Years But Not Later Than Five Years

  • | - | 919 | 1,003 | 919 | 1,003

Later Than Five Years

  • | - | 472 | 754 | 472 | 754

TOTAL COMMITMENTS

  • | - | 2,132 | 2,565 | 2,132 | 2,565

14 CONTINGENT LIABILITIES

There exists a contingent liability for the relocation of the Chaffers Street substation before April 2003.

  • | 823 | 823 | - | - | 823 | 823

TOTAL CONTINGENT LIABILITIES

  • | 823 | 823 | - | - | 823 | 823

15 RELATED PARTY TRANSACTIONS

The Company is ultimately owned by Capital Energy Limited whose shareholders are Wellington City Council (51%) and TransNewZealand Energy Limited (49%).

The Company was charged during the year $0 (1995: $75,000) by Capital Holdings Limited for management services.

The Company paid $0 during the year (1995: $7,438,000) to Wellington City Council of which $0 (1995: $1,700,000) was provided for as at 31 March 1996.

Wellington City Council owes the Company $280,500 as at 31 March 1996 (1995: $0).

Capital Holdings Limited owes the Company $110,000 as at 31 March 1996 (1995: $0).

The Company paid a dividend of $8,080,000 during the year (1995: $4,500,000) to Capital Holdings Limited who in turn paid a dividend of $8,299,000 (1995: $4,500,000) to Capital Energy Limited and provided for no further dividend payment in 1996 (1995: $7,000,000 to Capital Holdings Limited which in turn provided for no further dividend payment to Capital Energy Limited: $7,000,000).

The Company paid a subvention payment of $4,608,353 (1995: $0) to Capital Energy Limited and provided for a further subvention payment of $12,230,000 (1995: $0).

The Company sells electricity to Wellington City Council. These sales account for 0.82% (1995: 1.7%) of total operating income. The Company maintains Wellington City Council's street lights including supply of energy totaling $965,600 (1995: $1,420,000).

Wellington City Council charged rates and EDP services to the Company. The rates paid total $298,762 (1995: $331,962) and EDP charges amount to $717,218 (1995: $1,002,732).

The Company provided accounting and computer services to Citipower Limited on an arms length basis. The term of the agreement extends to 30 June 1996.

There is an advance from the Company to Citipower Limited of $1,000,000 (1995: $1,000,000). The Company charged Citipower Limited interest of $107,528 (1995: $136,186).

The Company pays Nelson City Council for management services and for the right for the Company to manage the distribution system and for lease payments for leasing the distribution system.

No related party debts have been written off or forgiven during the year.



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🏭 Notes to the Financial Statements for Capital Power Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Commitments, Contingent Liabilities, Related Party Transactions, Dividends, Subvention Payments