New Zealand Gazette – 1997 – No. 165

Page 3905

✨ Financial Statements Notes



26 NOVEMBER NEW ZEALAND GAZETTE 3905

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1997

Changes in Accounting Policies

There have been no changes in accounting policies and all policies have been applied on a basis consistent with those used in previous periods.

2. 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 Electricity Corporation of New Zealand (ECNZ) Group, Contact Energy Limited, Broadcast Communications Limited (BCL, a subsidiary of Television New Zealand Limited), Works Consultancy Services Limited and the Crown.

On 8 November 1996 Works Consultancy Services Ltd 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 21 are related parties of Transpower.

Transactions entered into with related parties are disclosed as follows:

  • Revenue income from the ECNZ Group, Contact Energy, BCL and the Group associate are disclosed in Note 3.

  • Operating expenses and financing costs/income in relation to the ECNZ Group, Contact Energy, BCL, Works Consultancy Services, the Crown and the Group associate and subsidiary companies are disclosed in Note 4 and Note 6.

  • Annual capital work in progress expenditure paid to the ECNZ Group, BCL and Works Consultancy Services are disclosed in Note 10.

  • Outstanding balances due from and to, the ECNZ Group, Contact Energy, BCL, Works Consultancy Services, the Crown and the Group associate and subsidiary companies are disclosed in Notes 8, 9, 11 and 12.

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



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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Accounting Policies, Related Party Transactions, State-Owned Enterprises, Revenue, Operating Expenses, Capital Expenditure