New Zealand Gazette – 2002 – No. 115

Page 3082

✨ Financial Commitments and Related Parties

3082 NEW ZEALAND GAZETTE No. 115

COMMITMENTS

At balance date, capital commitments were as follows:

	2002 $000's	2001 $000's
Distribution system	4,018	18,908
Other	-	-
	4,018	18,908

All of the above capital commitments are due to be met in the next financial year.

At balance date, lease commitments were as follows:

Year	2002 $000's	2001 $000's
2002	-	48
2003	48	48
2004	48	48
2005	48	48
2006 and beyond	48	484
2007 and beyond	477	-

Note: commitments which extend beyond the next 4 years have been assessed for a maximum period of 10 years.

RELATED PARTIES

Transactions with owners and directors

Christchurch City Holdings Limited (CCHL) is an 87.625% shareholder in the Holding Company. CCHL is 100% owned by the Christchurch City Council (CCC).

Selwyn Council Trading Enterprises Limited (SCTEL) is a 10.725% shareholder in the Holding Company. SCTEL is 100% owned by the Selwyn District Council (SDC).

Banks Peninsula District Council (BPDC) is a 1.650% shareholder in the Holding Company.

The Company has been 100% owned by Orion Group Limited (the Holding Company) since 23 October 1998. Prior to that date its shares were owned in the above proportions by CCHL, SCTEL and BPDC.

The Company undertakes many transactions with the shareholders and their related parties, all of which are carried out on a commercial and arms length basis.

During the year no material transactions, other than the payment of dividends, were entered into with such parties.

During the year no material transactions were entered into with any of the directors, except for the following transactions with a subsidiary of the Carter Group Limited, relating to subdivision power reticulation:

| Purchase | $166,000 (2001 $137,000) |
| Liability at 31 March 2002 | $88,000 (2001 $233,000) |

These transactions are conducted on an arms length commercial basis.

VUW Te Waharoa — NZ Gazette 2002, No 115

Gazette.govt.nz — NZ Gazette 2002, No 115

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✨ LLM interpretation of page content

💰 Capital and Lease Commitments

Domain💰 Finance & Revenue
KeywordsCapital Commitments, Lease Commitments, Financial Year

💰 Related Parties and Transactions

Domain💰 Finance & Revenue
KeywordsRelated Parties, Shareholders, Transactions, Dividends

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