✨ Financial Statements Notes
NEW ZEALAND GAZETTE
No. 173
TRANS POWER NEW ZEALAND LIMITED GROUP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 1996
- RELATED PARTY
As a State Owned Enterprise (SOE), shares in Transpower are held by the shareholding ministers on behalf of the Crown. Related party transactions have been entered into with other State Owned Enterprises, principally Broadcast Communications Limited (BCL, a subsidiary of Television New Zealand Limited), Works Consultancy Services Limited, the Electricity Corporation of New Zealand (ECNZ) Group, and the Crown.
On 1 February 1996 Contact Energy Limited was separated from ECNZ and established as an SOE. Related party transactions have been disclosed from this date. In the prior period PowerMark New Zealand Limited, a subsidiary of ECNZ was sold, and therefore ceased to be a related party. Related party transactions have been disclosed up to the date of sale.
The associated and subsidiary companies identified in Note 23 are related parties of Transpower.
Transactions entered into with related parties are disclosed as follows:
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Revenue income from the ECNZ Group and Contact Energy are disclosed in Note 3.
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Operating expenses and financing costs paid to the ECNZ Group, Contact Energy, BCL, Works Consultancy Services, and the Crown are disclosed in Note 4 and Note 6.
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Annual capital work in progress expenditure paid to the ECNZ Group, BCL and Works Consultancy Services, is disclosed in Note 10.
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Outstanding balances due from and to, related parties are disclosed in Notes 8, 11 and 13.
The Deputy Chairman is a partner in the law firm Simpson Grierson. Other partners and staff of that firm have rendered various legal services to the Group in the ordinary course of business.
All related party transactions are conducted on a commercial basis. During the period, upon settlement of a dispute between Mercury Energy Limited and ECNZ, an amount receivable incurred prior to 30 June 1994 and provided for at that date, has been written off. No other related party debts have been written-off or forgiven during the year.
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VUW Te Waharoa —
NZ Gazette 1996, No 173
NZLII —
NZ Gazette 1996, No 173
✨ LLM interpretation of page content
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Notes to the Financial Statements for Trans Power New Zealand Limited
(continued from previous page)
🏭 Trade, Customs & Industry5 November 1996
Related Party Transactions, State Owned Enterprises, Revenue, Expenses, Capital Expenditure, Outstanding Balances, Legal Services, Commercial Basis