New Zealand Gazette – 2002 – No. 117

Page 3146

✨ Financial Statements Notes



Notes to the financial statements (continued)

For the year ended 31 March 2002

20 Transactions with related parties

(a) Eastland Energy Community Trust

The Company is 100% owned by Eastland Energy Community Trust.

The Company restructured its capital and borrowing during the year. The following significant transactions occurred between the Company and its shareholder.

  • 1.7 million shares were repurchased from the Trust for $10 million
  • The Subordinated debt of $10 million was repaid to the Trust. Interest of $312,328 was paid for the period 1 April to 30 July 2001
  • An issue of Capital Notes was made to the Trust for $10 million. These notes are for an initial period of 5 years and incur interest at 8.5%. Interest payments are made 6 monthly.

(b) Port of Gisborne

One of the Directors is also a director of Port of Gisborne Limited.

Eastland Network Limited leases land from Port of Gisborne Limited for a substation. Lease payments are $280 per annum.

21 Financial and efficiency performance measures under Regulation 15 of the Electricity (Information Disclosure) Regulations 1999

2002 2001 2000 1999
1) Financial performance measures
a) Return on funds 14.4 11.3 9.40 1.30
b) Return on Equity 13.8 11.2 8.00 1.01
c) Return on Investment 2.4 -2.6 -11.40 0.95

| 2) Efficiency performance measures | | | | |
| a) Direct line costs per Kilometre | $1,034 | $1,837 | $1,300 | $1,471 |
| b) Indirect line costs per electricity consumer | $67 | $52 | $72 | $94 |

22 Delivery efficiency performance measures under Regulation of the Electricity (Information Disclosure) Regulations 1999

2002 2001 2000 1999
1. Load factor 58% 58% 57% 59%
2. Loss ratio 7.32% 8.51% 6.2% 7.3%
3. Capacity utilisation 25.37% 27.1% 28.5% 26.5%


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 117


Gazette.govt.nz — PDF NZ Gazette 2002, No 117




✨ LLM interpretation of page content

🏭 Notes to the financial statements for Eastland Network Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Related Parties, Transactions, Financial Performance, Efficiency Measures, Delivery Efficiency, Electricity Regulations