✨ Financial Statements Notes
1402 NEW ZEALAND GAZETTE No. 51
2.3 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (con’t)
14 Financial instruments (con’t)
Derivative instruments
The fair value of interest rate swaps, forward rate agreements, interest rate options and other derivative instruments is estimated based on the quoted market prices for these instruments.
15 Segmental reporting
The predominant activity of UnitedNetworks is the ownership and operation of distribution networks. All operations are conducted in New Zealand.
16 Capital commitments
At balance date, estimated capital expenditure contracted for but not provided for was $1.69 million (2000: zero).
17 Contingent liabilities
The company has no contingent liabilities at balance date.
18 Transactions with related parties
Deutsche Bank AG is a shareholder in the parent company of UtiliCorp NZ Limited and details of transactions apportioned to the Gas Lines have been disclosed as if Deutsche Bank AG were a related party.
| 2001 ($000) | 2000 ($000) | |
|---|---|---|
| Success fees paid to Deutsche Bank Limited | 338 | 5,000 |
| Interest payments to Deutsche Bank AG | 8,242 | 2,021 |
| Borrowings owing to Deutsche Bank AG | 9,572 | 251,706 |
| Interest and other balances due to Deutsche Bank AG | 56 | 1,807 |
The company is a subsidiary of UtiliCorp NZ Limited. The ultimate holding company is Aquila, Inc (previously UtiliCorp United Inc.), which is incorporated in the United States of America.
A New Zealand subsidiary of Deutsche Bank AG purchased a shareholding in a parent company of UtiliCorp NZ Limited on 30 June 2000. Deutsche Bank provides advisory and financing services to UnitedNetworks Limited. All transactions between UnitedNetworks Limited and Deutsche Bank are conducted on an arms length basis under normal market conditions.
19 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 51
Gazette.govt.nz —
NZ Gazette 2002, No 51
✨ LLM interpretation of page content
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Notes to Financial Statements for UnitedNetworks
(continued from previous page)
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