✨ Financial Statements Notes
28 AUGUST NEW ZEALAND GAZETTE 2663
2.5 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
20 CONTINGENT LIABILITIES
The company has provided guarantees in respect of Pacific Energy Limited liabilities to Electricity Corporation for entering into hedge contracts. The total guarantees are for a maximum amount of $2.1 million (2000: $2.1 million).
The company has other contingent liabilities totalling $2.1 million (2000: $2.0 million) consisting of:
i) performance bonds to ensure completion of contract works; and
ii) letters of credit to satisfy New Zealand Stock Exchange listing requirements; and
iii) letters of credit to guarantee other payments
Contingent liabilities exist in relation to on-going disputes which are being defended.
21 TRANSACTIONS BETWEEN RELATED PARTIES
The principal related parties of UnitedNetworks are its holding company UtiliCorp NZ Limited. Deutsche Bank AG is a shareholder in the parent company of UtiliCorp NZ Limited and details of transactions with it have been disclosed as if Deutsche Bank AG were a related party.
| 2001 | |
|---|---|
| ($000) | |
| Purchases from UtiliCorp NZ Limited and subsidiaries | $1,890 |
| Balance due to UtiliCorp NZ Limited | $269 |
| Balance due to UtiliCorp NZ Limited arising from transfer of tax losses | $6,286 |
| Advisory, financing and success fees paid to Deutsche Bank Limited | $41 |
| Interest payments to Deutsche Bank AG | $10,566 |
| Borrowings owing to Deutsche Bank AG | $549,685 |
| Interest and other balances due to Deutsche Bank AG | $3,121 |
Holding company
The company is a subsidiary of UtiliCorp NZ Limited. The ultimate holding company is UtiliCorp United Inc, which is incorporated in the United States of America.
Deutsche Bank AG
A New Zealand subsidiary of Deutsche Bank purchased a shareholding in a parent company of UtiliCorp NZ Limited on 30 June 2000. Deutsche Bank provides advisory and financing services to UnitedNetworks. All transactions between UnitedNetworks and Deutsche Bank are conducted on an arms length basis under normal market conditions.
UnitedNetworks Contracting Business
The UnitedNetworks Contracting Business provided maintenance and construction work on the Lines Business assets for the period 1 April 2000 to 31 March 2001. The total outstanding balance as at 31 March 2001 is $3.2 million (included in trade and other creditors).
Terms of settlement: settled under normal terms of trade.
Total debts w/o or forgiven: nil
| Reticulation asset additions | Quantity | Unit price ($) | Expenditure ($000) |
|---|---|---|---|
| Construction of Subtransmission Assets | 2,216 | 319 | 708 |
| Construction of Zone Substations | 156 | 18,734 | 2,923 |
| Construction of Distribution Lines and Cables | 95,046 | 62 | 5,864 |
| Construction of Medium Voltage Switchgear | 840 | 2,419 | 2,032 |
| Construction of Distribution Transformers | 591 | 7,591 | 4,486 |
| Construction of Distribution Substations | 415 | 3,234 | 1,342 |
| Construction of Low Voltage Reticulation | 131,054 | 52 | 6,811 |
| Construction of Other System Fixed Assets as per ODV Handbook | 63 | 2,521 | 159 |
| Total reticulation asset additions | 230,381 | 24,324 | |
| Maintenance Assets | 24,934 |
| 2001 ($000) | 2000 ($000) | |
|---|---|---|
| Advances from other business | 112,819 | 114,478 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 104
Gazette.govt.nz —
NZ Gazette 2001, No 104
✨ LLM interpretation of page content
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Notes to Financial Statements for UnitedNetworks
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Contingent Liabilities, Related Party Transactions, Guarantees, Performance Bonds, Letters of Credit, Disputes