✨ Related Party Transactions
2464 NEW ZEALAND GAZETTE No. 98
A summary of the related party transactions with the CCC is as follows:
| | 2000
$000's | 1999
$000's |
|--------------------------------------|----------------------|----------------------|
| TRANSACTIONS DURING THE YEAR | | |
| Purchases from CCC | 325 | 270 |
| Revenues from CCC | 1,146 | 1,226 |
| Dividend payments | 21,030 | 11,372 |
| MCN interest payments | - | 5,179 |
| OUTSTANDING BALANCES AS AT 31 MARCH | | |
| Accounts payable to CCC | 35 | - |
| Accounts receivable from CCC | 380 | 15 |
| Dividends payable to CCHL | - | - |
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 2000 and 1999 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 1999 to 31 March 2000, 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.
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 98
Gazette.govt.nz —
NZ Gazette 2000, No 98
✨ LLM interpretation of page content
💰
Related Parties Transactions
(continued from previous page)
💰 Finance & RevenueRelated Parties, Shareholders, Transactions, Dividends, Purchases, Revenues, Accounts Payable, Accounts Receivable