✨ Electricity Financial Statements
2478 NEW ZEALAND GAZETTE No. 91
Foreign Exchange Risk
The Company is not exposed to any foreign exchange risk.
Fair Values
All financial instruments shown in the Statement of Financial Position are recorded at fair value.
12. Related Parties
Electricity Invercargill Limited “Line Business” consists of line activities conducted in Electricity Invercargill Limited and its joint venture company PowerNet Limited. Electricity Invercargill Limited “Other Business” consists of other or non-line activities conducted in Electricity Invercargill Limited and its joint venture company PowerNet Limited.
All related party transactions between Electricity Invercargill Limited Line Business and PowerNet Limited Line Business have been eliminated in the preparation of the financial statements.
During the year related party transactions took place between Electricity Invercargill Limited Line Business and Electricity Invercargill Limited Other Business. All related party transactions have been conducted on a commercial and arms length basis.
The Line Business purchased goods and services at cost, including overheads where applicable, from the Other Business. The value of the transactions, parties involved, and description of goods or services purchased were as follows:
Electricity Invercargill Limited Line Business purchased from PowerNet Limited Other Business:
| 31 March 2002 | 31 March 2001 | |
|---|---|---|
| $000 | $000 | |
| Construction of: | ||
| > Subtransmission assets | 21 | 595 |
| > Zone substations | 37 | 621 |
| > Distribution lines and cables | 1,223 | 1,661 |
| > Distribution switchgear | 370 | 128 |
| > Distribution transformers | 113 | 40 |
| > Distribution substations | 98 | 10 |
| > Low voltage lines and cables | 660 | 308 |
| > Other system fixed assets | - | 295 |
These amounts represent the capital works programme undertaken by PowerNet Limited on behalf of Electricity Invercargill Limited.
| Maintenance of assets | - | - |
| Customer connections and disconnections | 12 | 3 |
The value of transactions owing at balance date were as follows:
- Electricity Invercargill Limited Line Business owes PowerNet Limited Other Business $813,000 (2000: $82,000).
- PowerNet Limited’s Line Business owes Electricity Invercargill Limited Other Business Nil (2000: Nil).
No related party debts have been written off or forgiven during 2002 or 2001.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 91
Gazette.govt.nz —
NZ Gazette 2002, No 91
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Electricity Information Disclosure for Invercargill Limited
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