✨ Financial Statements Continuation
30 AUGUST NEW ZEALAND GAZETTE 3413
|| 2002 $'000 || 2001 $'000 |
|----------------|----------------|
11.2 Interest Rate Risk
Interest Rate risk is the risk that interest rates will change, increasing or decreasing the cost of borrowing or lending. The company's short-term deposits are at fixed interest rates and mature within one year.
11.3 Currency Risk
Currency risk is the risk that amounts payable in foreign currencies will change due to movements in exchange rates. The company enters into foreign currency forward exchange contracts in order to manage its exposure to fluctuations in foreign currency exchange rates on the purchase of specific plant and equipment items from overseas suppliers.
Total cover under forward exchange contracts nil nil
11.4 Fair Values
The carrying amount of cash, short-term deposits and trade receivables reflect their fair values.
12. RELATED PARTIES
Transactions with these related parties are for the period 1 April 2001 to 31 March 2002.
No related party debt has been written off or forgiven.
12.1 Parties Associated With Directors
The company contracted with parties associated with certain directors of Marlborough Lines Limited. These transactions involve the provision of legal and consulting services. All transactions were at commercial rates.
PJ Radich (Radich Dwyer Hardy Jones Clark) 31 26
Owed by the company as at 31 March - to be paid as a normal monthly account 4 -
12.2 Contracting Division Of Marlborough Lines
The contracting division of Marlborough Lines Limited has provided the following services at commercial rates:
| Service | 2002 | 2001 |
|---|---|---|
| Construction of subtransmission assets | 18 | 20 |
| Construction of zone substations | 163 | 40 |
| Construction of distribution lines and cables | 77 | 81 |
| Construction of medium voltage switchgear | 22 | 35 |
| Construction of distribution substations | 10 | 12 |
| Construction of low voltage reticulation | 262 | 90 |
| Maintenance of assets | 1,411 | 998 |
| Consumer Connections & Disconnections | - | - |
| Other services | 593 | 461 |
The Contracting Division of Marlborough Lines Limited has paid for the following:
| Service | 2002 | 2001 |
|---|---|---|
| Other services | 446 | 458 |
At year end there were no outstanding balances.
12.3 Shareholders
The Trustees of the Marlborough Electric Power Trust hold all of the Company’s shares. The company may from time to time advance funds of a short term nature to the Trust. The previous arrangement to provide secretarial and administrative services ended as at 31 March 2001.
| Description | 2002 | 2001 |
|---|---|---|
| Dividends paid to the trust | Nil | 100 |
| Secretarial costs charged to the trust | Nil | 7 |
| Amounts owed by the trust to the company as at 31 March | Nil | Nil |
13. SUBSEQUENT EVENTS
Effective 1 July 2002 the Marlborough Lines parent company, together with Invercargill City Council and PowerNet, purchased the assets of Otago Net - a Lines Business based in Balclutha.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 127
Gazette.govt.nz —
NZ Gazette 2002, No 127
✨ LLM interpretation of page content
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Marlborough Lines Limited Financial Statements
(continued from previous page)
🏭 Trade, Customs & IndustryElectricity, Financial Performance, Fixed Assets, Provisions, Capital Commitments, Contingencies, Financial Instruments, Marlborough Lines Limited
- PJ Radich, Director associated with legal and consulting services