✨ Related Party Transactions
570 NEW ZEALAND GAZETTE, No. 25 15 FEBRUARY 2008
| 2007 $'000 | 2006 $'000 |
|---|
A summary of the related party transactions with the CCC and SDC is as follows:
Transactions with owners during the year
Purchases from CCC, SDC and their subsidiaries 1,798 1,974
Revenues from CCC, SDC and their subsidiaries 2,021 2,426
Dividend payments to CCHL 33,924 24,104
Dividend payments to SIHL 4,076 2,896
Accounts payable to CCC, SDS and their subsidiaries as at 31 March 46 51
Accounts receivable from CCC, SDC and their subsidiaries as at 31 March 56 192
Transactions with "other" businesses
For the purposes of Requirement 8, transactions taking place between the line business and "other" businesses must be identified.
The company had considerable numbers of transactions with its wholly-owned contracting subsidiary, Connetics Limited, during the years ended 31 March 2007 and 2006.
A description of the intercompany transactions, revenue amounts and balances at 31 March 2007 and 2006 follows. Note that estimated data has had to be used in the determination and apportionment of costs for Connetics into the required categories.
Connetics has provided construction and maintenance services to the line business for the period 1 April 2006 to 31 March 2007, and for a number of prior years.
These services follow the awarding of a contract based on a contested lowest-price conforming tender. In virtually every case multiple parties were invited to tender for such work. In the case of emergency maintenance, a contract comprising a negotiated schedule of rates has been agreed. A contract has also been negotiated for the management of system spares.
Contract variations and adjustments have been negotiated between the parties. No debts have been written off or forgiven during the year. Amounts are due the 20th of the month following date of invoice.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 25
Gazette.govt.nz —
NZ Gazette 2008, No 25
✨ LLM interpretation of page content
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Related Party Transactions
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💰 Finance & RevenueRelated parties, Shareholders, Transactions, Orion Group Limited, Christchurch City Holdings Limited, Selwyn Investment Holdings Limited, Connetics Limited