New Zealand Gazette – 1997 – No. 120

Page 2858

✨ Powerco Financial Statements



2858 NEW ZEALAND GAZETTE No. 120

Notes to and Forming Part of the Financial Statements

For the Year Ended 31 March 1997

20 TRANSACTIONS WITH RELATED PARTIES

Powerco paid legal fees to Horsley Christie, a firm in which Mr D H Brown, a director, has an interest, and to Rudd Watts & Stone, a firm in which Mr J S Auld, a director has an interest. The fees were charged on normal terms and conditions and account for 31.7% and 24.9% respectively of total group legal fees.

All directors are energy customers of Powerco under normal terms and conditions of supply.

Powerco is also deemed to have a related party relationship with New Plymouth District Council, being a 45% shareholder in Powerco through its subsidiary Pukearikí Holdings Limited. Powerco paid $424,255 rent to the New Plymouth District Council at market rate. Powerco also supplies energy to the New Plymouth District Council under normal terms and conditions, the value of sales being 0.43% of total sales. Rates have been paid to New Plymouth District Council to the value of $16,500.

Powerco also has related party transactions with its associate companies, Energy Brokers New Zealand Limited. The Chief Executive of Powerco Limited is a director of Energy Brokers New Zealand Limited. All electricity energy purchases by Powerco were purchased from Energy Brokers New Zealand Limited. At balance date the amount owing to Energy Brokers New Zealand Limited by Powerco was $2,984,394. This amount is included within the accounts payable balance in the Statement of Financial Position. Powerco supplies metering assemblies, information systems, accounting and data capture services to Energy Brokers for which it charges a cost recovery rate.

21 LEASE OBLIGATIONS

Operating lease obligations payable after balance date on non-cancellable leases are as follows:

1997 1996
$000 $000
Within one year 1,300 492
Between 1-2 years 866 492
Between 2-5 years 140 380
2,306 1,364

22 EMPLOYEE REMUNERATION

Remuneration Range No. of Employees
$100,000 - $110,000 4
$110,000 - $120,000 1
$120,000 - $130,000 2
$290,000 - $300,000 1


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✨ LLM interpretation of page content

🏭 Powerco Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
31 March 1997
Financial Performance, Efficiency Performance, Contingent Liabilities, Commitments, Powerco Limited
  • D H Brown (Mr), Director with interest in legal firm
  • J S Auld (Mr), Director with interest in legal firm