✨ Financial Transactions Summary
18 AUGUST NEW ZEALAND GAZETTE 2741
A summary of the related party transactions with the CCC is as follows:
| | 2003
| | $000’s | 2002
| | | $000’s
TRANSACTIONS DURING THE YEAR
Purchases from CCC 1,328 1,568
Revenues from CCC 3,722 2,017
Dividend payments to CCHL 20,723 21,205
OUTSTANDING BALANCES AS AT 31 MARCH
Accounts payable to CCC 15 6
Accounts receivable from CCC 1,012 38
Transactions with “other” businesses
For the purposes of Regulation 9 of the Regulations, transactions taking place between the line business and “other” businesses must be identified.
The Company had considerable numbers of interactions with its wholly-owned contracting subsidiary, Connetics Limited, during the years ending 31 March 2002 and 2003.
A description of the intercompany transactions, revenue amounts and balances at 31 March 2003 and 2002 follows. Note that estimated data has had to be used in the determination and apportionment of costs for Connetics into the required categories.
Connetics
Connetics has provided construction and maintenance services to the line business for the period 1 April 2002 to 31 March 2003, and for a number of prior years.
These services follow the awarding of a contract based on a contested lowest-price conforming tender.
In virtually every case multiple parties were invited to tender for such work.
In the case of emergency maintenance, a contract comprising a negotiated schedule of rates has been agreed. A contract has also been negotiated for the management of system spares.
Contract variations and adjustments have been negotiated between the parties. No debts have been written off or forgiven during the year. Amounts are due the 20th of the month following date of invoice.
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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
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Related Parties Transactions
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💰 Finance & RevenueRelated parties, Shareholders, Commercial transactions, Dividends