✨ Financial Statements
4528
NEW ZEALAND GAZETTE
No. 162
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2003
21. SUBSIDIARY AND JOINT VENTURES OF TRANSPOWER GROUP
The subsidiaries that make up the lines business of the Transpower Group are as follows:
| 2003 | 2002 | |
|---|---|---|
| Subsidiaries | Holding | Holding |
| Fighting Bay Finance Limited | 100% | 100% |
| Haywards Limited | 100% | 100% |
| Oteranga Bay Limited | 100% | 100% |
| Transpower Finance Limited | 100% | 100% |
| Aratiatia Holdings Limited | 100% | - |
| Benmore Finance | 100% | - |
| Bunnythorpe Holdings | 100% | - |
| Benmore Trust | 100% | - |
| Transisland Grid Assets Limited (non-trading) | 100% | 100% |
| Transpower Land Holdings Limited (non-trading) | - | 100% |
The subsidiaries that make up the "Other Transpower Businesses" are as follows:
| d-cypha Limited | 100% | 100% |
| Risk Reinsurance Limited | 100% | 100% |
| Omaka Training Limited (non-trading) | 100% | 100% |
Joint Ventures
| OPTIMAL Limited | 50% | 50% |
All subsidiary entities have a balance date of 30 June.
Transpower Land Holdings Limited was amalgamated during the year.
Risk Reinsurance Limited is incorporated in the Cayman Islands. All other subsidiary entities are incorporated in New Zealand.
All subsidiaries are direct subsidiaries of Transpower except for:
- Oteranga Bay Limited and Haywards Limited which are wholly owned by Fighting Bay Finance Limited.
- Benmore Finance in which Bunnythorpe Holdings has a 4% share.
- Benmore Trust which is wholly owned by Aratiatia Holdings Limited and Benmore Finance.
The principal activity of the trading subsidiaries (excluding d-cypha and Risk Reinsurance) is financing.
d-cypha was established in 1998 as a separate legal entity to provide reconciliation and metering services for both MARIA and NZEM parties.
Risk Reinsurance was established in 2001 to provide insurance services to the Transpower Group.
OPTIMAL Limited is a joint venture offering consulting services based upon Transpower's experience in outsourcing and maintenance standards.
22. RELATED PARTY TRANSACTIONS
Transpower conducts transactions with other State-Owned Enterprises and Government Departments.
These transactions are undertaken on a commercial and arm's length basis and it is considered that these do not fall within the intended scope of related party disclosure.
The subsidiaries, associate and joint venture companies identified in Note 21 are related parties of Transpower.
Transactions with these parties are disclosed as "Other Business" transactions in Note 2 and 3.
All of these transactions are conducted on a commercial basis. No related party debts have been written off or forgiven during the year.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 162
Gazette.govt.nz —
NZ Gazette 2003, No 162
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Transpower New Zealand Limited Lines Business Notes to the Financial Statements
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🏭 Trade, Customs & IndustryFinancial statements, Subsidiaries, Joint ventures, Related party transactions, Transpower Group