New Zealand Gazette – 1999 – No. 143

Page 3425

✨ Financial Statements Notes

8 OCTOBER NEW ZEALAND GAZETTE 3425

NETWORK TASMAN LIMITED
LINE BUSINESS FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS

15. RELATED PARTY TRANSACTIONS

Network Tasman Limited contracted with Tasman Electrical Limited, an associate company, for operational, maintenance and capital extension work on its distribution network. The services were charged on normal terms and conditions.

The work carried out by Tasman Electrical Limited was for the twelve month period commencing 1 April 1998.

Total goods and services provided by Tasman Electrical amounted to $2.733 million. The goods and services provided by Tasman Electrical in relation to asset construction activities can be grouped into the following categories:

Construction of distribution lines and cables $194,076
Construction of medium voltage switchgear $212,372
Construction of distribution transformers $118,181
Construction of distribution substations $33,113
Construction of low voltage reticulation $35,102
Maintenance of assets $1,769,137
Consumer connections and disconnections $26,009

As at the 31 March 1999, the balance outstanding to Tasman Electrical Limited was $206,365. The terms of settlement are the 20th of the month following invoicing.

No related party transactions have been written off or forgiven during the year.

16. COMMITMENTS AND CONTINGENT LIABILITIES

As at 31 March 1999 the group has no material commitments or contingent liabilities in relation to the line business that are not included in these financial statements.

17. EVENTS SUBSEQUENT TO BALANCE DATE

In May 1999 the government proposed an amendment to the Commerce Act 1986 which, if passed into law, will see all line companies subjected to price or revenue controls. The proposal requires the Commerce Commission to design, implement and operate the price control process. Network Tasman will become subject to these controls on or before 31 March 2000, however the financial impact of these controls cannot be assessed until such time as the Commerce Commission has completed and disclosed details of its proposed control regime.

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VUW Te Waharoa — NZ Gazette 1999, No 143

NZLII — NZ Gazette 1999, No 143

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✨ LLM interpretation of page content

🏭 Network Tasman Limited Line Business Financial Statements for 1999 (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Performance, Revenue, Earnings, Taxation, Dividends, Network Tasman Limited

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