New Zealand Gazette – 2005 – No. 166

Page 4184

✨ Financial Statements Notes



Notes to and Forming Part of the Financial Statements

For the year ended 30 June 2005

POWERCO

POWERCO

ELECTRICITY DIVISION

15 Related Party Transactions

As Powerco Limited is an integrated business, this disclosure relates to the business as a whole.

Powerco is also deemed to have a related party relationship with New Plymouth District Council. The New Plymouth District Council held a 38.16% material interest in Powerco Limited until 31 October 2004. Powerco paid $190,294 (2004: $143,122) rent to the New Plymouth District Council at market rates. Rates have been paid to New Plymouth District Council to the value of $12,962 (2004: $29,395). Utility Rates have been paid to the New Plymouth District Council to the value of $44,871 (2004: $21,143). Other arms length transactions with the New Plymouth District Council amounted to $15,682 (2004: $30,837).

In the previous year ended 31 March 2004, Powerco paid consulting fees amounting to $36,992 to Upson Consulting Ltd, a company in which Mr B R Upson, a Director, has an interest. The nature of the work performed was in the area of corporate development, finance and regulatory advice.

Powerco Network Management Limited, Powerco Energy Services Limited and Powerco Energy Services Eastern Limited are wholly owned subsidiaries of Powerco. These companies charge Powerco market rates for services provided, which includes the following areas:

  • Asset management
  • Electrical and gas contracting
  • Information systems
  • Buildings and insurance
  • Operational finance

All transactions are completed upon normal commercial terms.

16 Reconciliation of Operating Surplus After Taxation

with cash inflow from operating activities

2005 2004
12 mths 12 mths
$000 $000
Operating surplus after taxation 33,256 43,705
Add (less) non cash items
Depreciation 37,067 28,478
Movements in working capital
Accounts receivable (2,522) (8,091)
Change in Prepayments (488) (246)
Tax refund due (11,733) (5,614)
Accounts payable 14,191 6,459
(552) (7,489)
Net cashflow from operating activities 59,771 64,694


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 166


Gazette.govt.nz — PDF NZ Gazette 2005, No 166




✨ LLM interpretation of page content

🏭 Powerco Limited Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Related Party Transactions, Reconciliation, Operating Surplus, Cash Flow, Powerco Limited, Electricity Division
  • B. R. Upson (Director), Director with interest in Upson Consulting Ltd