✨ Financial Statements Notes
23 MAY
NEW ZEALAND GAZETTE
1415
2.3 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (con’t)
13 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.
14 Segmental reporting
The predominant activity of UnitedNetworks is the ownership and operation of distribution networks. All operations are conducted in New Zealand.
15 Capital commitments
At balance date, estimated capital expenditure contracted for but not provided for was $4.46 million (2001: $1.69 million).
16 Contingent liabilities
The company has no contingent liabilities at balance date (2001: nil).
17 Transactions with related parties
The principal related parties of UnitedNetworks Limited are its holding company Vector Limited and former holding company Utilicorp N.Z. Limited. Aquila Inc is the former ultimate parent company. Deutsche Bank AG is a shareholder in the former parent company of Utilicorp N.Z. Limited and details of transaction have been disclosed as if Deutsche Bank AG were a related party. No debt was written off or forgiven during the year.
| 2002 ($000) | 2001 ($000) | |
|---|---|---|
| Success fees paid to Deutsche Bank Limited | - | 338 |
| Interest payments to Deutsche Bank AG | 3,772 | 8,242 |
| Borrowings owing to Deutsche Bank AG | - | 9,572 |
| Interest and other balances due to Deutsche Bank AG | - | 56 |
A New Zealand subsidiary of Deutsche Bank AG purchased a shareholding in the previous 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.
18 Operating lease commitments
At balance date the company had the following operating lease commitments:
| 2002 ($000) | 2001 ($000) | |
|---|---|---|
| Within the year | 20 | 23 |
| Between one and two years | 7 | 20 |
| Between two and five years | - | 7 |
| Over five years | - | - |
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 2003, No 54
Gazette.govt.nz —
NZ Gazette 2003, No 54
✨ LLM interpretation of page content
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UnitedNetworks Limited Gas Information Disclosure
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🏭 Trade, Customs & Industry14 May 2003
Financial Statements, Credit Risk, Fair Values, Financial Instruments, Energy Retailers, Bank Loans, Commercial Paper, Medium Term Notes, Interest Rate Swaps, Cross Currency Swaps, Segmental Reporting, Capital Commitments, Contingent Liabilities, Related Party Transactions, Operating Lease Commitments, Post-Balance Date Events