New Zealand Gazette – 1999 – No. 121

Page 2887

✨ Financial Statements

15 SEPTEMBER NEW ZEALAND GAZETTE 2887

CONTINGENT ASSETS AND LIABILITIES

There were no material contingent assets or contingent liabilities as at 31 March 1999.

CAPITAL REVIEW

The company’s planned $76 million capital repatriation of mandatory convertible notes is awaiting an Inland Revenue Department binding ruling. Also, in principle, a further $70 million will also be repatriated. The $76 million and $70 million repatriations are forecast to be completed during the year ended 31 March 2000.

COMMITMENTS

At balance date, capital commitments were as follows:

| | 1999
| $000’s | 1998
| $000’s |
|----------------|---------|---------|
| Distribution system | 847 | 630 |
| Other | - | - |
| Total | 847 | 630 |

All of the above capital commitments are due to be met in the next financial year.

At balance date, lease commitments were as follows:

| Year | 1999
| $000’s | 1998
| $000’s |
|-----------------|---------|---------|
| 2000 | 50 | 49 |
| 2001 | 50 | 49 |
| 2002 | 50 | 49 |
| 2003 | 50 | 49 |
| 2004 and beyond | 498 | 490 |

Note: commitments which extend beyond the next four years have been assessed for a maximum period of 10 years.

RELATED PARTIES

Transactions with owners and directors

Christchurch City Holdings Limited (CCHL) is an 87.625% shareholder in the holding company. CCHL is 100% owned by the Christchurch City Council (CCC).

Selwyn Council Trading Enterprises Limited (SCTEL) is a 10.725% shareholder in the holding company. SCTEL is 100% owned by the Selwyn District Council (SDC).

Banks Peninsula District Council (BPDC) is a 1.650% shareholder in the holding company.

The company has been 100% owned by Orion Group Limited (the holding company) since 23 October 1998. Prior to that date its shares were owned in the above proportions by CCHL, SCTEL and BPDC.

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VUW Te Waharoa — NZ Gazette 1999, No 121

NZLII — NZ Gazette 1999, No 121

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

💰 Contingent Assets and Liabilities

Domain💰 Finance & Revenue
KeywordsContingent Assets, Contingent Liabilities, Financial Review

💰 Capital Review

Domain💰 Finance & Revenue
KeywordsCapital Repayment, Mandatory Convertible Notes, Inland Revenue Department

💰 Capital Commitments

Domain💰 Finance & Revenue
KeywordsCapital Commitments, Financial Year, Distribution System

💰 Lease Commitments

Domain💰 Finance & Revenue
KeywordsLease Commitments, Financial Year, Long-term Leases

💰 Related Parties

Domain💰 Finance & Revenue
KeywordsRelated Parties, Shareholders, Ownership, Christchurch City Holdings Limited, Selwyn Council Trading Enterprises Limited, Banks Peninsula District Council

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Additional Sources

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