New Zealand Gazette – 2002 – No. 130

Page 3471

✨ Financial Statements Notes



Notes to and Forming Part of the Financial Statements

For the Year Ending 31 March 2002

(iii) Fair Value as at 31 March 2002

Financial assets and liabilities (excluding Bonds referred to in Note 3 above) are considered to be at their fair value with the exception of the following items:

Maturities Notional Values Current 31 March 2002 $000 Notional Values Forward rate 31 March 2002 $000 Mark to Market Adjustment 31 March 2002 $000
Interest rate swaps
(Powerco pays fixed/receives floating) 2002-2010 420,000 -
Forward rate swaps
(Powerco pays fixed/receives floating) 2005-2011 - 305,000
Swaps (Fixed to floating for Bonds)
(Powerco receives fixed/pays floating margin) 2006-2008 178,000 -
(147)

(iv) Fair Value as at 31 March 2001

Financial assets and liabilities (excluding Bonds referred to in Note 3 above) are considered to be at their fair value with the exception of the following items:

Maturities Notional Values Current 31 March 2001 $000 Notional Values Forward rate 31 March 2001 $000 Mark to Market Adjustment 31 March 2001 $000
Interest rate swaps
(Powerco pays fixed/receives floating) 2002-2010 310,000 -
Forward rate swaps
(Powerco pays fixed/receives floating) 2005-2011 - 245,000
Swaps (Fixed to floating for Bonds)
(Powerco receives fixed/pays floating margin) 2006-2008 178,000 -
(4,347)

12 RELATED PARTY TRANSACTIONS

As Powerco is an integrated business, this disclosure relates to the business as a whole.

Powerco paid consulting fees amounting to $56,200 (2001: $48,000) to Upson Associates Ltd, a company in which Mr B R Upson, a Director, has an interest for work performed in the area of corporate development.

Powerco paid legal fees amounting to $909,069 (2001: $585,055) to Horsley Christie, a firm in which Mr D H Brown, Alternate Director, is a partner.

Powerco paid consulting fees and brokerage amounting to $1,663,016 (2001: $2,284,206) to companies in the Macquarie New Zealand group, companies in which Mr J H Ogden was appointed a Director of Powerco on 1 October 2001.

Powerco is also deemed to have a related party relationship with the New Plymouth District Council. The New Plymouth District Council holds a 47.61% material interest in Powerco Limited. Powerco paid $62,304 (2001: $109,000) rent to the New Plymouth District Council at market rates. Rates have been paid to the New Plymouth District Council to the value of $21,060 (2001: $18,103). Other arms-length transactions with the New Plymouth District Council amounted to $131,628 (2001: $18,562).

In the financial year under review, all operating activities were transferred to a subsidiary company, Powerco Management Services Limited. PMS Ltd charges Powerco market rates for all services provided, including electricity network management and maintenance. The following amounts were paid to PMS Ltd for services provided:

  • Network Maintenance: $1,085,529
  • Asset Management: $447,949
  • Operations and Dispatch: $(19,929)
  • Group Services: $877,898
  • Corporate Services: $1,494,500

These transactions are completed upon normal commercial terms. No amounts have been forgiven or written off in the year.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 130


Gazette.govt.nz — PDF NZ Gazette 2002, No 130




✨ LLM interpretation of page content

💰 Fair Value of Financial Assets and Liabilities as at 31 March 2002

💰 Finance & Revenue
Financial assets, Financial liabilities, Fair value, Interest rate swaps, Forward rate swaps

💰 Fair Value of Financial Assets and Liabilities as at 31 March 2001

💰 Finance & Revenue
Financial assets, Financial liabilities, Fair value, Interest rate swaps, Forward rate swaps

💰 Related Party Transactions

💰 Finance & Revenue
Related party transactions, Consulting fees, Legal fees, Director interests
  • B R Upson (Mr), Director with interest in Upson Associates Ltd
  • D H Brown (Mr), Alternate Director, partner in Horsley Christie
  • J H Ogden (Mr), Director of Powerco