New Zealand Gazette – 1998 – No. 193

Page 4537

✨ Financial Statements Notes

30 NOVEMBER NEW ZEALAND GAZETTE 4537

TRANSPower NEW ZEALAND LIMITED GROUP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 1998

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 and Broadcast Communications Limited (BCL, a subsidiary of Television New Zealand Limited) and the Crown.

On 8 November 1996 Works Consultancy Services Limited was sold, and therefore ceased to be a related party. Related party transactions have been disclosed for comparative purposes.

The associated and subsidiary companies identified in Note 22 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 Transpower 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 Limited, the Crown and the Transpower Group associate and subsidiary companies are disclosed in Note 4 and Note 6.
Annual capital work in progress expenditure paid to the ECNZ Group, Works Consultancy Services Limited and BCL are disclosed in Note 10.
Outstanding balances due from and to, the ECNZ Group, Contact Energy, BCL, the Crown and the Transpower Group associate and subsidiary companies are disclosed in Note 8, 9, 11 and 12.

Carole Durbin, Deputy Chairman to 30th September 1997, is a partner in the law firm Simpson Grierson. Other partners and staff of that firm have rendered various legal services to the Transpower 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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VUW Te Waharoa — NZ Gazette 1998, No 193

NZLII — NZ Gazette 1998, No 193

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✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Notes to the Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsRelated Party Transactions, State Owned Enterprises, Financial Disclosures, ECNZ, Contact Energy, BCL
👱🏽 Names

Carole Durbin, Deputy Chairman until 30 September 1997

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