✨ Financial Statements Notes
17 SEPTEMBER NEW ZEALAND GAZETTE 3007
2.5 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
For the year ended 31 March 1999
13) Events Occurring After Balance Date
The Directors are not aware of any significant events 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.
14) Transactions between related parties
Name of the Entity: UnitedNetworks Contracting Services Business Unit
Relationship: Provides the Network Business Unit maintenance and construction on system fixed assets and other assets
Total outstanding balance: $8,516,813
Terms of settlement: Settled under normal terms of trade
Total debts w/o or forgiven: nil
| Transaction | Unit Price ($) | Quantity | Exp ($000) | Period gd/service was supplied |
|---|---|---|---|---|
| Construction of Subtransmission Assets | 214 | 13,724 | 2,940 | 1Apr98-31Mar99 |
| Construction of Zone Substations | 258 | 1,700 | 438 | 1Apr98-31Mar99 |
| Construction of Distribution Lines and Cables | 84 | 72,233 | 6,046 | 1Apr98-31Mar99 |
| Construction of Medium Voltage Switchgear | 6,354 | 299 | 1,900 | 1Apr98-31Mar99 |
| Construction of Distribution Transformers | 5,846 | 310 | 1,812 | 1Apr98-31Mar99 |
| Construction of Distribution Substations | 2,797 | 312 | 873 | 1Apr98-31Mar99 |
| Construction of Low Voltage Reticulation | 80 | 86,700 | 6,976 | 1Apr98-31Mar99 |
| Construction of Other System Fixed Assets as per ODV Handbook | 65 | 12,860 | 839 | 1Apr98-31Mar99 |
| Maintenance Assets | 16,004 | 1Apr98-31Mar99 | ||
| Consumer Connections and Disconnections | 3 | 1Apr98-31Mar99 | ||
| Consulting Costs | (1) | 1Apr98-31Mar99 | ||
| Vehicle Maintenance | 22 | 1Apr98-31Mar99 |
15) Segmental reporting
The predominant activity of UnitedNetworks Limited is the ownership and operation of electricity distribution networks. All operations are conducted in New Zealand. During the year the company sold all of its assets and businesses involved in the generation and marketing of electricity to comply with the Electricity Industry Reform Act 1998.
16) Reconciliation of operating surplus after taxation to net cash inflow from operating activities
| | 1999 |
| | ($000) |
| Reported surplus after taxation but before share of retained surplus of associate and minority interest | 17,587 |
| Add non-cash items: | |
| Accounts payable / accruals relating to fixed assets | 498 |
| Depreciation | 27,120 |
| Profit elimination on self constructed assets | 215 |
| Amortisation of goodwill and intangibles | 2,785 |
| Increase (decrease) in deferred tax payable | 3,487 |
| Deferred tax reversed on reticulation assets | 8,110 |
| Add (less) movements in working capital items: | |
| Decrease (increase) in accounts receivable and other debtors | (16,163) |
| Decrease (increase) in prepayments | (182) |
| Decrease (increase) in current portion of lease | (7) |
| Decrease (increase) in inventory | (8) |
| Increase (decrease) in tax payable | (908) |
| Increase (decrease) in accounts and sundry payable | 37,769 |
| Add (less) items classified as investing activities: | |
| Loss (profit) on sale of assets | (50) |
| Net cash flow from operating activities | 80,253 |
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VUW Te Waharoa —
NZ Gazette 1999, No 125
NZLII —
NZ Gazette 1999, No 125
✨ LLM interpretation of page content
💰
Notes to Financial Statements for the year ended 31 March 1999
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Events After Balance Date, Related Party Transactions, Segmental Reporting, Reconciliation of Operating Surplus