✨ Financial Statements Notes
27 AUGUST NEW ZEALAND GAZETTE 3271
2.5 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
Holding company
The company is a subsidiary of UtiliCorp NZ Limited. The ultimate holding company is Aquila, Inc. (previously known as Utilicorp United Inc), which is incorporated in the United States of America.
All transactions are conducted under normal commercial terms of settlement.
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 2001 to 1 July 2001. The contracting business was sold to Siemens A.G. on 2 July 2001. Accordingly the figures below cover the period 1 April 2001 to 1 July 2001.
Terms of settlement: settled under normal terms of trade.
Total debts written off or forgiven: nil
| Reticulation asset additions | Quantity | Unit price ($) | Expenditure ($000) |
|---|---|---|---|
| Construction of subtransmission assets | 969 | 319 | 309 |
| Construction of zone substations | 224 | 18,734 | 4,196 |
| Construction of distribution lines and cables | 127,719 | 62 | 7,919 |
| Construction of medium voltage switchgear | 152 | 2,419 | 367 |
| Construction of distribution transformers | 172 | 7,591 | 1,306 |
| Construction of distribution substations | 58 | 3,234 | 187 |
| Construction of low voltage reticulation | 87,798 | 52 | 4,566 |
| Construction of other system fixed assets as per ODV handbook | 54 | 2,521 | 136 |
| Total reticulation asset additions | 217,146 | 18,986 |
| 2002 ($000) | 2001 ($000) | |
|---|---|---|
| Advances from other business | 197,470 | 112,819 |
22 OPERATING LEASE COMMITMENTS
| At balance date the group had the following operating lease commitments: | 2002 ($000) | 2001 ($000) |
|---|---|---|
| Within the year | 1,964 | 600 |
| Between one and two years | 1,781 | 600 |
| Between two and five years | 1,663 | 1,075 |
| Over five years | 2,989 | 3,338 |
| 8,397 | 5,613 |
23 EVENTS OCCURRING AFTER BALANCE DATE
The directors are not aware of any significant event occurring subsequent to balance date which, if known at balance date, would have resulted in a different assessment of the amount attributable to an item in the financial statements.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 122
Gazette.govt.nz —
NZ Gazette 2002, No 122
✨ LLM interpretation of page content
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Notes to Financial Statements for the year ended 31 March 2002
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Holding Company, Deutsche Bank, UnitedNetworks Contracting Business, Operating Lease Commitments, Events After Balance Date