✨ Financial Statements
27 AUGUST
NEW ZEALAND GAZETTE
3167
Notes to and Forming Part of the Financial Statements
For the Year Ending 31 March 2003
POWERCO
GAS DIVISION
13 Related Party Transactions
As Powerco Limited is an integrated business, this disclosure relates to the business as a whole.
Powerco paid consulting fees amounting to $109,100 (2002: $56,200) 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, finance and regulatory advice.
Powerco paid consulting fees amounting to $17,000 (2002: nil) to Ogden Consulting Limited, a company in which Mr J H Ogden, a director, has an interest, for work performed in the area of corporate finance and regulatory advice.
Powerco is also deemed to have a related party relationship with New Plymouth District Council. The New Plymouth District Council holds a 38.16% material interest in Powerco Limited. Powerco paid $124,938 (2002: $62,304) rent to the New Plymouth District Council at market rates. Rates have been paid to New Plymouth District Council to the value of $7,147 (2002: $21,060). Utility Rates have been paid to the New Plymouth District Council to the value of $5,239 (2002: nil). Other arms length transactions with the New Plymouth District Council amounted to $66,954 (2001: $131,628).
Powerco paid consulting fees and brokerage amounting to 46% of the total fees paid for asset acquisition transactions (2002: 77%) to companies in the Macquarie New Zealand group, companies in which Mr J H Ogden was a Director. Mr J H Ogden resigned as a Director of Macquarie New Zealand Limited on 30 April 2002, resigned as a Director of Macquarie Equities New Zealand Limited on 5 December 2002 and resigned as a consultant to Macquarie New Zealand Limited on 31 January 2003.
In the financial year under review, all operating activities and relevant assets 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 $14,339,832
Asset Management $ 7,466,984
Operations and Dispatch $ 2,158,055
Group Services $ 3,106,810
Corporate Services $12,116,457
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 —
NZ Gazette 2003, No 116
Gazette.govt.nz —
NZ Gazette 2003, No 116
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Powerco Limited Financial Statements
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🏭 Trade, Customs & IndustryFinancial Statements, Related Party Transactions, Consulting Fees, Corporate Development, Regulatory Advice
- B. R. Upson (Mr), Director with interest in Upson Associates Ltd
- J. H. Ogden (Mr), Director with interest in Ogden Consulting Limited
- J. H. Ogden (Mr), Former Director of Macquarie New Zealand group companies