✨ Financial Transactions Report
2888 NEW ZEALAND GAZETTE No. 121
The company undertakes many transactions with the shareholders and their related parties, all of which are carried out on a commercial and arms length basis.
During the year no material transactions, other than the payment of dividends and interest were entered into with such parties.
All of the company’s directors are electricity customers of the company on a commercial and arms length basis. During the year no material transactions were entered into with any of the directors.
A summary of the related party transactions with the CCC is as follows:
| | 1999
| | $000’s | 1998
| | | $000’s |
TRANSACTIONS DURING THE YEAR
Purchases from CCC | 270 | 270 |
Revenues from CCC | 1,226 | 1,200 |
Dividend payments | 11,372 | 14,816 |
MCN interest payments | 5,179 | 5,930 |
OUTSTANDING BALANCES AS AT 31 MARCH
Accounts payable to CCC | - | 20 |
Accounts receivable from CCC | 15 | 12 |
Dividends payable to CCHL | - | 5,973 |
Transactions with "other" businesses
For the purposes of Regulation 9 of the Regulations, transactions taking place between the line business and “other” businesses must be identified.
The company had considerable numbers of interactions with two wholly-owned subsidiaries during the year - Connetics Limited (a contracting company) and Enersis Limited (an information technology company).
A description of the intercompany transactions, revenue amounts and balances at 31 March 1999 and 1998 follows. Note that estimated data has had to be used in the determination and apportionment of costs for both Connetics and Enersis into the required categories.
Connetics
Connetics has provided construction and maintenance services to the line business for the period 1 April 1998 to 31 March 1999, and for a number of prior years.
These services follow the awarding of a contract based on a contested lowest-price conforming tender.
In virtually every case multiple parties were invited to tender for such work.
In the case of emergency maintenance, a contract comprising a negotiated schedule of rates has been agreed. A contract has also been negotiated for the management of system spares.
Contract variations and adjustments have been negotiated between the parties. No debts have been written off or forgiven during the year. Amounts are due the 20th of the month following date of invoice.
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VUW Te Waharoa —
NZ Gazette 1999, No 121
NZLII —
NZ Gazette 1999, No 121
✨ LLM interpretation of page content
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Related Parties
(continued from previous page)
💰 Finance & RevenueRelated Parties, Shareholders, Ownership, Christchurch City Holdings Limited, Selwyn Council Trading Enterprises Limited, Banks Peninsula District Council
💰 Financial Transactions with Related Parties
💰 Finance & RevenueFinancial Transactions, Purchases, Revenues, Dividends, Interest Payments
💰 Outstanding Balances with Related Parties
💰 Finance & RevenueOutstanding Balances, Accounts Payable, Accounts Receivable, Dividends Payable
💰 Transactions with Other Businesses
💰 Finance & RevenueTransactions, Subsidiaries, Connetics Limited, Enersis Limited
💰 Connetics Limited Services
💰 Finance & RevenueConstruction, Maintenance Services, Contracts, Emergency Maintenance, System Spares