✨ Financial Statements
23 AUGUST
NEW ZEALAND GAZETTE
2617
NELSON ELECTRICITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
for the year to 31 March 2000
8. Term Loans
Reserve Bank Loan (Interest Rate 8.7 %) 2000 1999
Unsecured $000 $000
Repayable 15 February 2001 1,798 1,795
1,798 1,795
9. Related Party Transactions
Network Tasman Limited owns 50% of the shares in Nelson Electricity Limited and has in the past year provided management and administrative services at fair consideration to Nelson Electricity Limited.
Marlborough Lines Limited owns 50% of the shares in Nelson Electricity Limited and has in the past year provided management and administrative services at fair consideration to Nelson Electricity Limited.
As at 31 March 2000 provision had been made to pay the following amounts to the shareholding companies.
Marlborough Lines Ltd $15,000
Network Tasman Ltd 5,000
There are no other related party disclosures required under Regulation 9 of the Electricity (Information Disclosure) Regulations 1999.
10. Events Subsequent to Balance Date
There were no events subsequent to balance date requiring notification in these financial statements.
11. Industry Restructuring
As a result of agreement reached on 1 April 1999 between Nelson Electricity Ltd, Trans Alta Ltd and Citipower Ltd the Nelson Electricity Network lease in favour of Citipower was terminated on that date.
The initial payments to buy out the lease were made on Nelson Electricity’s behalf by its two shareholders, Marlborough Lines Ltd and Network Tasman Ltd. The two shareholding companies were required to make these payments in order that the payments could be offset against an early lease termination clawback in favour of the Nelson City Council. The clawback arrangement was further offset by other consulting and legal costs incurred in the buy-out negotiation process.
On 1 April 1999 Nelson Electricity Ltd entered into a Deed of Indemnity with its two shareholding companies to provide for the reimbursement of sums expended by the shareholding companies in effecting the buy-out of the network lease. This resulted in payments to the shareholders (net of GST) as follows:
Marlborough Lines Ltd $1,234,096
Network Tasman Ltd 1,214,792
Total 2,448,888
Further to the Deed of Arrangement entered into between Nelson Electricity Ltd, Citipower Ltd and Trans Alta Ltd on 1 April 1999, the electricity supply (retail) business was sold on 31 May 1999 to Trustpower Ltd thus completing compliance requirements with the Electricity Industry Reform Act.
Schedule 4 Part 8
Annual Valuation Reconciliation Report for Year ending 31 March 2000
System Fixed Assets at ODV at 31 March 1999 $000 14,541
Add System Fixed Acquired During the Year at ODV 208
Less System Fixed Assets Disposed off During the Year at ODV -
Less Depreciation on System Fixed Assets (534)
Add Revaluations of System Fixed Assets -
Equals System Fixed Assets at ODV at 31 March 2000 14,215
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 105
Gazette.govt.nz —
NZ Gazette 2000, No 105
✨ LLM interpretation of page content
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Nelson Electricity Limited Notes to the Financial Statements
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Term Loans, Related Party Transactions, Events Subsequent to Balance Date, Industry Restructuring, Valuation Reconciliation