✨ Financial Statements Notes




10 DECEMBER

NEW ZEALAND GAZETTE

4513

TRANSPOWER NEW ZEALAND LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1999

2. RELATED PARTY

As a State Owned Enterprise, 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 Group (ECNZ), Mighty River Power Limited, Genesis Power Limited, Meridian Energy Limited, Broadcast Communications Limited (BCL, a subsidiary of Television New Zealand) and the Crown.

d-Cypha Limited, a wholly owned subsidiary of Transpower New Zealand Limited and other business activities undertaken by Transpower New Zealand Limited ('Other Transpower Businesses') do not form part of the lines business. Transactions with these entities are disclosed in Note 8.

On 14 May 1999 Contact Energy Limited was sold, and therefore ceased to be a related party at that date.

Transactions entered into with related parties are disclosed as follows:

  • Revenue income from ECNZ, Contact Energy Limited, Genesis Power Limited, Mighty River Power Limited, Meridian Energy Limited and Transpower Group associate are disclosed in Note 3.

  • Operating expenses and financing costs/income in relation to ECNZ, Contact Energy Limited, BCL and the Crown are disclosed in Note 4 and Note 6.

  • Annual capital work in progress expenditure paid to ECNZ and BCL is disclosed in Note 10.

  • Outstanding balances due from and to ECNZ, Meridian Energy Limited, Genesis Power Limited, Mighty River Power Limited, BCL and the Crown are disclosed in Notes 8, 11 and 12.

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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🏭 Transpower New Zealand Limited Information Disclosure (continued from previous page)

🏭 Trade, Customs & Industry
Financial Instruments, Derivatives, Interest Rate Swaps, Foreign Exchange, Accounting Policies, Reclassifications, Comparatives, Related Party Transactions, State Owned Enterprises, Revenue Income, Operating Expenses, Financing Costs, Capital Work, Outstanding Balances