✨ Financial Statements
1884
NEW ZEALAND GAZETTE
No. 80
2. Commitments and Contingent Liabilities
There were capital commitments at 31 March 2001 of $103,046 (2000 Nil). The Lines Business has no contingent liabilities at the end of the period (2000 Nil).
3. Related Party Transactions
Associated Entity: Networks South Limited
Networks South Limited is 50% owned by Network Waitaki Limited and provided administrative, engineering and planning functions for the network from 1 July 2000 to 31 March 2001. These services are charged on a fixed contract basis.
During the period, this charge totalled $648,750. The outstanding amount as at 31 March 2001 was $5,214 payable on normal commercial terms.
No debts were written off or forgiven and no transactions took place at nil or nominal value.
Transactions do not relate to the categories specified in the Disclosure Regulations.
Associated Entity: NetCon Limited
NetCon is wholly owned by Networks South Limited and provided asset maintenance and construction services for the network from 1 July 2000 to 31 March 2001. Services were charged on both a fixed price basis or “time and materials” basis.
During the period, this charge totalled $985,716. The outstanding amount as at 31 March 2001 was $312,745 payable on normal commercial terms.
No debts were written off or forgiven and no transactions took place at nil or nominal value.
During the period capital construction transactions totalled the following:
| Amount | |
|---|---|
| Subtransmission assets | $10,368 |
| Zone substations | $67,956 |
| Distribution lines | $307,989 |
| Medium voltage switchgear | $137,834 |
| Distribution transformers | $0 |
| Distribution substations | $38,934 |
| Low voltage lines | $41,486 |
| Other System Fixed Assets | $64,893 |
| (as per the ODV Handbook) | |
| Maintenance of System Fixed Assets | $316,256 |
| Cost of customer connections and disconnections | $0 |
Internal Division: Network Waitaki Contracting
Network Waitaki Limited operated an internal contracting division that provided asset maintenance and construction services for the network from 1 April 2000 to 30 June 2000. The contracting division was dissolved on 30 June 2000. Services were charged on both a fixed price basis or “time and materials” basis.
During the period, this charge totalled $480,336 ($1,401,391 in 2000). No amounts remain outstanding at 31 March 2001.
No debts were written off or forgiven and no transactions took place at nil or nominal value.
During the period capital construction transactions totalled the following:
| Quarter to 30/6/00 | Year to 31/3/00 | |
|---|---|---|
| Subtransmission assets | $0 | $0 |
| Zone substations | $7,285 | $116,954 |
| Distribution lines | $204,259 | $420,723 |
| Medium voltage switchgear | $0 | $42,980 |
| Distribution transformers | $68,085 | $258,039 |
| Distribution substations | $3,884 | $0 |
| Low voltage lines | $5,411 | $7,701 |
| Other System Fixed Assets | $27,125 | $28,484 |
| Maintenance of System Fixed Assets | $164,287 | $526,510 |
| Cost of customer connections and disconnections | $0 | $0 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 80
Gazette.govt.nz —
NZ Gazette 2001, No 80
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Financial Statements for Network Waitaki Limited
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