New Zealand Gazette – 2002 – No. 101

Page 2740

✨ Financial Statements

2740 NEW ZEALAND GAZETTE No. 101

15. Related Parties

Otago Power Limited operated the Operations Business Unit within its company structure that constructed and maintained assets on its behalf. On 1 September 2000 the Operations Business Unit was established as Otago Power Services Limited, a fully owned subsidiary of Otago Power Limited.

Goods and Services Provided by the Operations Business Unit were:

	31 March 2002	31 March 2001
	$000	$000
Construction of:
✓ Subtransmission assets	-	-
✓ Zone substations	-	84
✓ Distribution lines and cables	-	204
✓ Medium voltage switchgear	-	12
✓ Distribution transformers	-	45
✓ Distribution substations	-	9
✓ Low voltage lines and cables	-	-
✓ Other system fixed assets	-	-
Maintenance of assets	-	796
Consumer connections and disconnections	-	-

These transactions were recorded at cost plus an allowance for overheads.

At year end no monies were owed to the Operations Business Unit.

Goods and Services Provided by Otago Power Services Limited were:

	31 March 2002	31 March 2001
	$000	$000
Construction of:
✓ Subtransmission assets	44	3
✓ Zone substations	154	142
✓ Distribution lines and cables	535	367
✓ Medium voltage switchgear	35	8
✓ Distribution transformers	221	80
✓ Distribution substations	-	2
✓ Low voltage lines and cables	108	4
✓ Other system fixed assets	-	9
Maintenance of assets	1,150	644
Consumer connections and disconnections	-	-

Capital work is subject to open tender or competitive pricing.

Maintenance work is charged in accordance with a competitively priced facilities management contract established for a fixed term.

At year end $258,000 (2001 $313,000) was owing to Otago Power Services Limited.

VUW Te Waharoa — NZ Gazette 2002, No 101

Gazette.govt.nz — NZ Gazette 2002, No 101

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✨ LLM interpretation of page content

🏭 Otago Power Limited Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Reconciliation, Cash Flows, Net Surplus, Taxation

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