New Zealand Gazette – 2004 – No. 171

Page 4284

✨ Financial Statements

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2004

21. SUBSIDIARY AND JOINT VENTURES OF TRANSPOWER GROUP

The subsidiaries that make up the lines business of the Transpower Group are as follows:

Subsidiaries	2004 Holding	2003 Holding
Fidgeting Bay Finance Limited	100%	100%
Haywards Limited	100%	100%
Otahuhu Bay Limited	100%	100%
Transpower Finance Limited	100%	100%
TB & T Limited (established December 2003)	100%	-
Arataki Holdings Limited	100%	100%
Benmore Finance	100%	100%
Benmore Holdings	100%	100%
Benmore Trust	100%	100%
Hillary Bush Finance Limited: (formerly Trustland Grid Assets Limited)	100%	100%

The subsidiaries that make up the "Other Transpower Businesses" are as follows:

	2004 Holding	2003 Holding
Energy Market Services Limited (formerly d-cypha Limited)	100%	100%
Risk Reinsurance Limited	100%	100%
Onaska (Trading) Limited (non-trading)	100%	100%

Joint Ventures

| OPTIMAL Limited | 0% | 50% |

Following a shareholders' resolution, OPTIMAL Limited was removed from the Register of Companies on 29 March 2004.

All subsidiary entities have a balance date of 30 June.

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:

Otahuhu Bay Limited and Haywards Limited which are wholly owned by Fidgeting Bay Finance Limited.
Benmore Finance in which Benmore Holdings has a 4% share.
Benmore Trust which is wholly owned by Arataki Holdings Limited and Benmore Finance.

The principal activity of the trading subsidiaries (excluding Energy Market Services (EMS) and Risk Reinsurance) is financing.

EMS 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 reinsurance services to the Transpower Group.

22. RELATED PARTY TRANSACTIONS

Transpower conducts transactions with other State-Owned Enterprises and Government Departments. These transactions, at market rates, 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, associates 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.

VUW Te Waharoa — NZ Gazette 2004, No 171

Gazette.govt.nz — NZ Gazette 2004, No 171

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Financial Performance of Transpower New Zealand Limited Lines Business (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Subsidiaries, Joint Ventures, Related Party Transactions, Transpower Group

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