✨ Financial Statements
2352 NEW ZEALAND GAZETTE No. 88
WAIPA NETWORKS LIMITED - LINES BUSINESS
13 SEGMENTAL REPORTING
Waipa Networks operates predominately 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 2002
| 2002 | 2001 | |
|---|---|---|
| Construction of distribution lines & cables | 388,666 | 403,006 |
| Construction of medium voltage switchgear | 117,794 | 75,559 |
| Construction of distribution transformers | 441,513 | 287,668 |
| Construction of distribution substations | 81,366 | 20,211 |
| Construction of low voltage lines and cables | 76,964 | 22,981 |
| Construction of other system fixed assets | 279,922 | 351,644 |
| Maintenance of assets | 826,352 | 888,748 |
| Consumer connections and reconnections | 5,569 | 6,307 |
| Other services | 43,419 | 45,178 |
The following transactions occurred between the line business and other business
| Interest paid to Other | 796,000 | 796,000 |
The line business has a loan from the other business refer note 10. The amount outstanding at balance date was $8,000,000 (2001 $8,000,000).
At year end there were no other outstanding balances for related parties (2001 Nil). No related party debt has been written off or forgiven during 2002 or 2001.
No provision has been made in the accounts for payment of a final dividend to the Waipa Networks Trust. (2001 $229,735). No interim dividends have been paid (2001 $921,000).
During the 2001 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 2002, No 88
Gazette.govt.nz —
NZ Gazette 2002, No 88
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Financial Statements of Waipa Networks Limited
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