New Zealand Gazette – 2000 – No. 108

Page 2697

✨ Related Party Transactions

25 AUGUST NEW ZEALAND GAZETTE 2697

10.0 RELATED PARTIES

The Power Company Limited “Line Business” consists of line activities conducted in The Power Company Limited and its joint venture company PowerNet Limited. The Power Company Limited “Other Business” consists of other or non-line activities conducted in The Power Company Limited and its joint venture company PowerNet Limited.

All related party transactions between The Power Company Limited Line Business and PowerNet Limited Line Business have been eliminated in the preparation of the financial statements.

During the year related party transactions took place between The Power Company Limited Line Business and The Power Company Limited Other Business. All related party transactions have been conducted on a commercial and arms length basis.

The Line Business purchased goods and services at cost, including overheads where applicable, from the Other Business. The value of the transactions, parties involved, and description of goods or services purchased were as follows:

The Power Company Limited Line Business purchased from PowerNet Limited Other Business:

	2000	1999
Construction of:
✓ Subtransmission assets	3,421,920	-
✓ Zone substations	963,871	-
✓ Distribution lines and cables	1,028,062	-
✓ Medium voltage switchgear	90,654	-
✓ Distribution transformers	1,203,139	-
✓ Distribution substations	-	-
✓ Low voltage lines and cables	131,604	-
✓ Other system fixed assets	53,731	-

These amounts represent the capital works programme undertaken by PowerNet Limited on behalf of The Power Company Limited.

| Maintenance of assets | - | - |
| Consumer connections and disconnections| - | - |

The Power Company Limited Line Business purchased from The Power Company Limited Other Business:

	2000	1999
Fixed Assets at Book Value	919,874	3,726,499

PowerNet Limited’s Line Business purchased from The Power Company Limited Other Business:

	2000	1999
Rent	35,888	45,719
Management Services	-	21,985
Avoided Transpower charge from
Monowai Generation Scheme	-	407,207

The Power Company Limited Other Business released cash of NIL (1999 $6,695,249) to The Power Company Limited Lines Business.

VUW Te Waharoa — NZ Gazette 2000, No 108

Gazette.govt.nz — NZ Gazette 2000, No 108

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✨ LLM interpretation of page content

💰 Related Party Transactions for The Power Company Limited

Domain💰 Finance & Revenue
KeywordsRelated party transactions, Power Company Limited, PowerNet Limited, Financial statements, Commercial transactions

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