New Zealand Gazette – 2000 – No. 83

Page 1980

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 83

WAIPA NETWORKS LIMITED - LINES BUSINESS

13 SEGMENTAL REPORTING

Waipa Networks operates predominantly in one industry, distribution of electricity. All operations are carried out within New Zealand, and are therefore within one geographical segment for reporting purposes.

14 RELATED PARTIES

At balance date, the Waipa Networks Trust held 100 per cent of the shares in Waipa Networks Limited

All related party transactions in the accounts of Waipa Networks have been conducted on a commercial and arms length basis.

The contracting department of Waipa Networks has provided the following services at cost, including overheads, for the period 1 April 1998 to 31 March 2000

2000 1999
Construction of distribution lines & cables 316,839 230,931
Construction of medium voltage switchgear 162,162 740
Construction of distribution transformers 304,530 255,085
Construction of distribution substations - 7,316
Construction of low voltage lines and cables 111,081 153,953
Construction of other system fixed assets 223,766 82,561
Maintenance of assets 1,018,967 756,715
Consumer connections and reconnections 8,164 33,986
Other services 49,193 31,473

The following transactions occurred between the line business and other business.

2000 1999
Sale of Assets to Other at Book Value - 2,171,195
Distribution of cash to Other - 1,000,000
Interest paid to Other 224,625 -

The line business received a loan from the other business of Waipa Networks during the year. The amount outstanding at balance date was $8,000,000 (1999 Nil).

At year end there were no other outstanding balances for related parties (1999 Nil). No related party debt has been written off or forgiven during 2000 or 1999.

Provision has been made in the accounts for payment of a final dividend to the Waipa Networks Trust of $1,454,739 (1999 $1,466,498). Interim dividends totalling $757,000 have already been paid (1999 $460,000). Capital Distributions of $8,000,000 have been paid (1999 Nil).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 83


Gazette.govt.nz — PDF NZ Gazette 2000, No 83




✨ LLM interpretation of page content

🏭 Notes to Financial Statements for Waipa Networks Limited (continued from previous page)

🏭 Trade, Customs & Industry
31 March 2000
Financial Statements, Segmental Reporting, Related Parties, Waipa Networks Limited