✨ Financial Statements Related Party Transactions
18 AUGUST NEW ZEALAND GAZETTE 2359
Notes to and Forming Part of the Financial Statements
For the Year Ended 31 March 2000
11 RELATED PARTY TRANSACTIONS
As Powerco is an integrated business, the disclosures in this note relate to the business as a whole.
A total sum of $462,266 was paid to Horsley Christie, Solicitors, of Wanganui as legal fees where Mr. Brown is a Partner. Legal fees paid were mainly in respect of merger and acquisition strategies undertaken by the Company during the year under review.
A sum of $29,150 was paid to Upson Associates Limited for consulting services provided, where Mr Upson is a director and a further sum of $101,400 was also paid to the said company for services provided by Mr. Upson as Acting Chief Executive of Powerco for an approximate period of six months.
A sum of $10,846 was paid to Auld Brewer Mazengarb & McEwen, Solicitors, of New Plymouth for consulting services provided where Mr Auld is a partner.
Powerco is also deemed to have a related party relationship with New Plymouth District Council. The New Plymouth District Council holds a material interest in Pukeariki Holdings Limited, who hold a 50.41% shareholding in Powerco Limited.
Powerco paid $337,252 rent to the New Plymouth District Council at market rates. Powerco also supplied energy to the New Plymouth District Council under normal terms and conditions, sales being 0.51% of total sales. Rates have been paid to New Plymouth District Council to the value of $36,752. Other arms length transactions with the New Plymouth District Council amounted to $87,614.
The rates are disclosed as part of the transfer payment for asset maintenance, therefore are not disclosed separately in the body of note 15.
Powerco has a current account arrangement with Taranaki Energy Limited, a wholly owned subsidiary. Powerco pays interest and other costs on behalf of Taranaki Energy Limited and on-charges these through the current account.
Powerco operates as an integrated business, therefore no competitive tendering was undertaken during the year. Allocations of construction and maintenance were completed on a cost basis.
Asset construction undertaken as part of the integrated business: Line
2000
$000
Subtransmission 46
Zone substations 1,409
Distribution lines & cables 1,988
Medium voltage switchgear 760
Distribution transformers 208
Distribution substations 1,507
Low voltage reticulation 825
Other assets 385
Total asset construction $7,128
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 94
Gazette.govt.nz —
NZ Gazette 2000, No 94
✨ LLM interpretation of page content
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Notes to the Financial Statements for Powerco Limited
(continued from previous page)
🏭 Trade, Customs & IndustryRelated Party Transactions, Financial Statements, Powerco Limited, Legal Fees, Consulting Services, New Plymouth District Council, Taranaki Energy Limited
- Mr. Brown, Partner at Horsley Christie, Solicitors
- Mr. Upson, Director of Upson Associates Limited and Acting Chief Executive of Powerco
- Mr. Auld, Partner at Auld Brewer Mazengarb & McEwen, Solicitors