New Zealand Gazette – 2008 – No. 25

Page 569

✨ Financial Commitments and Related Parties

15 FEBRUARY 2008

NEW ZEALAND GAZETTE, No. 25

569

Other than the above, the group had no material or significant contingent liabilities or contingent assets as at 31 March 2007 or 31 March 2006.

Commitments

At balance date, capital commitments were as follows:

| Distribution system | 10,831 | 6,343 |
| Other | - | - |

| | 10,831 | 6,343 |

At balance date, lease commitments were as follows:

Year
2008	57	52
2009	53	52
2010	53	52
2011	53	52
2012 and beyond	530	520

Capital commitments of $2.1m are uncertain as to timing (2006 $1.8m). Other capital commitments are expected to be met in the next financial year.

Lease commitments that extend beyond 2012 have been assessed for a maximum period of 10 years.

Related parties

Transactions with owners and directors

The company has been 100% owned by Orion Group Limited (the Holding Company) since 23 October 1998.

Christchurch City Holdings Limited (CCHL) is an 89.275% shareholder in the holding company. CCHL is 100% owned by the Christchurch City Council (CCC).

Selwyn Investment Holdings Limited (SIHL) is a 10.725% shareholder in the holding company. SIHL is 100% owned by the Selwyn District Council (SDC).

The company undertakes many transactions with the shareholders and their related parties, all of which are carried out on a commercial and arms length basis.

During the year no material transactions, other than the payment of dividends, were entered into with such parties.

During the year no material transactions were entered into with any of the directors.

VUW Te Waharoa — NZ Gazette 2008, No 25

Gazette.govt.nz — NZ Gazette 2008, No 25

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

💰 Capital and Lease Commitments (continued from previous page)

Domain💰 Finance & Revenue
KeywordsCapital commitments, Lease commitments, Distribution system

💰 Related Party Transactions

Domain💰 Finance & Revenue
KeywordsRelated parties, Shareholders, Transactions, Orion Group Limited, Christchurch City Holdings Limited, Selwyn Investment Holdings Limited

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