New Zealand Gazette – 1998 – No. 146

Page 3536

✨ Financial Statements Notes



3536 NEW ZEALAND GAZETTE No. 146

TRUSTPOWER LIMITED AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1998

NOTE 18 : RELATED PARTY TRANSACTIONS

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

During the period to 31 March 1998 material transactions took place with the following related parties:

Tauranga Joint Generation Committee (trading as Kaimai Hydropower)

TrustPower Limited had until 31 October 1997 a 50% interest in the assets of this partnership. The generation surplus was rebated on the basis of each partner's energy purchases and was recognised as a deduction from the cost of electricity purchases. For the period ended 31 October 1997 TrustPower Limited was allocated 78.6% (79.72% in 1997) of the generation surplus.

At 31 October 1997 TrustPower Limited obtained a 100% interest in the partnership and its results were consolidated from that date.

Transactions: to 31 October 1997
Net purchase of electricity
Provision of services
Interest received
Transactions: from 31 October 1997
Asset lease
Balance owing at end of year

LINE BUSINESS $'000 ENERGY BUSINESS $'000 GENERATION BUSINESS $'000
- 8,694 -
(73) - (686)
- - -
- - -

NOTE 19 : SEGMENTAL REPORTING

The group operates within the electricity supply industry.

All operations take place within New Zealand predominantly in the Bay of Plenty.

NOTE 20 : EMPLOYEE SHARE OWNERSHIP TRUST

An employee share ownership trust was established by the Energy Companies (TrustPower Limited) Vesting Order 1993. All employees who have been with the company at least six months have equal entitlement to participate. Issues are made periodically at a discounted price set at the discretion of the trustees by reference to the market. The trustees are one director (A. L. Carpenter), the chief executive (J. K. Williams) and an elected staff representative (T. M. Thorn). The trustees have non-beneficial control of the shares not yet allocated. The trustees are entitled to exercise the voting rights of unallocated shares. No financial support is provided to the trust by the company.



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

🏭 Trade, Customs & Industry
Financial Statements, Related Party Transactions, Segmental Reporting, Employee Share Ownership Trust, TrustPower Limited
  • A. L. Carpenter (Director), Trustee of Employee Share Ownership Trust
  • J. K. Williams (Chief Executive), Trustee of Employee Share Ownership Trust
  • T. M. Thorn, Elected staff representative and trustee of Employee Share Ownership Trust