New Zealand Gazette – 2002 – No. 119

Page 3202

✨ Financial Statements

Note 10. Related Parties

At balance date the West Coast Electric Power Trust held 100 per cent of the shares in Westpower Limited. Material transactions (dividends) have been disclosed in the financial statements.

All related party transactions of Westpower Limited have been conducted on a commercial arms length basis.

The Contracting and Management Subsidiary of Westpower Limited, ElectroNet Services, has provided the following services for the period 1 April 2001 to 31 March 2002

	2002 $ '000	2001 $ '000
Construction of subtransmission assets *	767	300
Construction of zone substations	456	150
Construction of distribution lines and cables	723	658
Construction of medium voltage switchgear	127	445
Construction of distribution transformers	66	140
Construction of substations	114	334
Construction of low voltage lines and cables	219	221
Construction of other fixed assets	69	64
Maintenance of assets	1,857	1,726
Consumer connections and reconnections	-	-
Asset Management Service	512	488
Other Services	503	629

Subtransmission assets now disclosed separately

At year end there was an outstanding balance of $892,767 (2001 $542,933) for such services.

No related party debts have been written off or forgiven during the year.

VUW Te Waharoa — NZ Gazette 2002, No 119

Gazette.govt.nz — NZ Gazette 2002, No 119

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Westpower Limited Financial Statements Notes (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated31 March 2002
KeywordsFinancial Statements, Related Parties, Construction Services, Maintenance, Asset Management

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