✨ Financial Statements Notes
25 AUGUST NEW ZEALAND GAZETTE 2757
Notes to the Financial Statements
For the year ended 31 March 2000
| 2000 | 1999 | |
|---|---|---|
| $000 | $000 |
20. TRANSACTIONS WITH RELATED PARTIES
During the year VECTOR Limited had the following transactions with the Auckland Energy Consumer Trust (AECT), which is the majority shareholder of VECTOR Limited:
Payment of Dividends $11.8 million (1999: $9.6 million)
Payment to AECT $ 0.6 million (1999: $0.0 million)
Transfield Utility Services Limited (TUSL) was a related party for the purpose of these accounts from 1 April 1998 to 14 December 1998. During this period VECTOR Limited had the following transactions with TUSL.
Payment for capital work
Subtransmission assets N/A (1999: $5.4 million)
Zone substations N/A (1999: $1.8 million)
Distribution lines and cables N/A (1999: $0.2 million)
Medium voltage switchgear N/A (1999: $0.1 million)
Distribution transformers N/A (1999: $0.2 million)
Distribution substations N/A (1999: $0.1 million)
Low voltage lines and cables N/A (1999: $0.1 million)
Other system fixed assets N/A (1999: $0.1 million)
Payment for maintenance work N/A (1999: $5.3 million)
During the year the electricity line business had the following transfers between its "line" and "other" businesses. These costs are allocated on a full cost basis including an appropriate return on assets. The provision of consumer billing, sales and marketing and meter data services were provided by the internal "retail" business. This business was sold on the 28th of February 1999.
Payment to "other" - Consumer billing N/A (1999: $6.0 million)
Payment to "other" - Sales and marketing N/A (1999: $5.2 million)
Payment to "other" - Meter data N/A (1999: $3.1 million)
Payment to "other" - Information systems N/A (1999: $12.2 million)
Payment to "other" - Corporate services N/A (1999: $10.2 million)
Payment to "other" - Building occupancy N/A (1999: $1.3 million)
Payment to "other" - Vehicle lease N/A (1999: $0.5 million)
No related party debts have been written off or forgiven during the year. All transactions took place on a commercial arms length basis.
21. COMPARATIVES
Comparatives were prepared in accordance with the Electricity (Information Disclosure) Regulations 1999 as amended by the Electricity (Information Disclosure) Amendment Regulations 2000 and the Electricity Information Disclosure Handbook 30 June 2000.
22. SEGMENT INFORMATION
The company operates within the electricity sector. All operations are carried out within New Zealand.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 110
Gazette.govt.nz —
NZ Gazette 2000, No 110
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Notes to the Financial Statements
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🏭 Trade, Customs & IndustryFinancial Statements, Related Parties, Transactions, Dividends, Capital Work, Maintenance Work, Comparatives, Segment Information