New Zealand Gazette – 2002 – No. 118

Page 3174

✨ Financial Statements

WEL NETWORKS LIMITED

13 Related Party Transactions

The Lines Business has received services from WEL Networks Operations Division. Both entities form part of WEL Networks. All transactions between the two parties are at arms length and at market rates. There have been no transactions at nil or nominal value.

There are no outstanding balances between the two parties. No debts were forgiven or written off.

Details of the transactions are as follows:

	Line Business
	2002
	($000s)
	2001
	($000s)

(a) Construction of subtransmission assets
Approximately 15 km of 33kV underground cable laid.
| | 412 | 1,618 |

(b) Construction of zone substations
Upgrading of six substations
| | 2,950 | 4,034 |

(d) Construction of medium voltage switchgear
| | 97 | 726 |

(e) Construction of distribution transformers.
| | 874 | 517 |

(f) Construction of distribution substations
| | 449 | 685 |

(g) Construction of Low voltage lines & cables
| | 915 | 745 |

WEL Networks was involved in connecting new consumers to its network and the following costs were incurred:

(h) Relays for new connections
| | 425 | 253 |

Consumer connections
| | 1,404 | 1,609 |

(i) Maintenance of distribution system
| | 3,942 | 4,263 |

| | 14,084 | 16,866 |

In some cases estimates have been used to apportion costs between the categories listed above.

VUW Te Waharoa — NZ Gazette 2002, No 118

Gazette.govt.nz — NZ Gazette 2002, No 118

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 WEL Networks Limited Notes to the Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsRelated party transactions, Financial statements, Construction costs, Maintenance costs

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