✨ Financial Report
2740 NEW ZEALAND GAZETTE No. 103
- COMMITMENTS
At balance date, capital commitments were as follows:
| 2003 $000's | 2002 $000's | |
|---|---|---|
| Distribution system | 4,894 | 4,018 |
| Other | — | — |
| Total | 4,894 | 4,018 |
All of the above capital commitments are expected to be met in the next financial year.
At balance date, lease commitments were as follows:
| Year | $000's |
|---|---|
| 2004 | 49 |
| 2005 | 49 |
| 2006 | 49 |
| 2007 | 49 |
| 2008 and beyond | 488 |
Note: commitments that extend beyond 2008 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:
| $ (2003) | $ (2002) | |
|---|---|---|
| Purchase | 51,000 | 168,000 |
| Liability at 31 March 2003 | 27,000 | 88,000 |
These transactions are conducted on an arms length commercial basis.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 103
Gazette.govt.nz —
NZ Gazette 2003, No 103
✨ LLM interpretation of page content
💰 Capital Commitments
💰 Finance & RevenueCapital commitments, Financial year, Distribution system
💰 Lease Commitments
💰 Finance & RevenueLease commitments, Financial reporting, Long-term leases
💰 Related Parties Transactions
💰 Finance & RevenueRelated parties, Shareholders, Commercial transactions, Dividends