✨ Financial Statements
2354
NEW ZEALAND GAZETTE
No. 91
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 year ended 31 March 2001
| Service | 2001 | 2000 |
|---|---|---|
| Construction of distribution lines & cables | 403,006 | 316,839 |
| Construction of medium voltage switchgear | 75,559 | 162,162 |
| Construction of distribution transformers | 287,668 | 304,530 |
| Construction of distribution substations | 20,211 | - |
| Construction of low voltage lines and cables | 22,981 | 111,081 |
| Construction of other system fixed assets | 351,644 | 223,766 |
| Maintenance of assets | 888,748 | 1,018,967 |
| Consumer connections and reconnections | 6,307 | 8,164 |
| Other services | 45,178 | 49,193 |
The following transactions occurred between the line business and other business.
| Transaction | 2001 | 2000 |
|---|---|---|
| Interest paid to Other | 796,000 | 224,625 |
The line business has a loan from the other business refer note 10.
The amount outstanding at balance date was $8,000,000 (2000 $8,000,000).
At year end there were no other outstanding balances for related parties (2000 Nil).
No related party debt has been written off or forgiven during 2001 or 2000.
Provision has been made in the accounts for payment of a final dividend to the Waipa Networks Trust of $229,735 (2000 $1,454,739). Interim dividends totalling $921,000 have already been paid (2000 $757,000). During the year the line business has repurchased and cancelled a total of 1,200,000 shares at a total cost of $8,705,826, $8,000,000 of this was paid in 2000.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 91
Gazette.govt.nz —
NZ Gazette 2001, No 91
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Financial Position Statement for Waipa Networks Limited
(continued from previous page)
🏭 Trade, Customs & Industry6 August 2001
Financial Statements, Segmental Reporting, Related Parties, Waipa Networks Limited