✨ Financial Statements and Valuation Report
2638 NEW ZEALAND GAZETTE No. 100
2. Commitments and Contingent Liabilities
There were capital commitments at 31 March 2003 of $302,475 (2002 $298,120). The Lines Business has no contingent liabilities at the end of the period (2002 Nil).
3. Related Party Transactions
Associated Entity: Networks South Limited
Networks South Limited is 50% owned by Network Waitaki Limited and provided administrative, engineering and planning functions for the network from 1 April 2002 to 31 March 2003. These services are charged on a fixed contract basis.
During the period, this charge totalled $865,000 (2002 $712,501). The outstanding amount as at 31 March 2003 was $Nil (2002 $235) payable on normal commercial terms.
No debts were written off or forgiven and no transactions took place at nil or nominal value. Transactions do not relate to the categories specified in the Disclosure Regulations.
Associated Entity: NetCon Limited
NetCon is wholly owned by Networks South Limited and provided asset maintenance and construction services for the network from 1 April 2002 to 31 March 2003. Services were charged on both a fixed price basis or “time and materials” basis.
During the period, this charge totalled $1,161,711 (2002 $1,434,621). The outstanding amount as at 31 March 2003 was $87,125 (2002 $266,903) payable on normal commercial terms.
No debts were written off or forgiven and no transactions took place at nil or nominal value.
During the period capital construction transactions totalled the following:
| Year to 31/3/2003 | Year to 31/3/2002 | |
|---|---|---|
| Subtransmission assets | $0 | $10,901 |
| Zone substations | $34,045 | $49,300 |
| Distribution lines | $285,839 | $310,861 |
| Medium voltage switchgear | $48,657 | $96,795 |
| Distribution transformers | $8,126 | $7,554 |
| Distribution substations | $34,819 | $49,842 |
| Low voltage lines | $92,878 | $149,041 |
| Other System Fixed Assets | $27,556 | $75,182 |
Other transactions totalled:
| Year to 31/3/2003 | Year to 31/3/2002 | |
|---|---|---|
| Maintenance of System Fixed Assets | $629,791 | $685,205 |
| Cost of customer connections and disconnections | $0 | $0 |
4. Annual Valuation Reconciliation Report
| 2003 ($) | 2002 ($) | |
|---|---|---|
| System Fixed Assets at ODV (start of period) | 38,366,931 | 39,768,266 |
| Adjustment following Commerce Commission Comprehensive Audit Process (under Commerce Act 1986) | 0 | (1,559,982) |
| Restated System Fixed Assets at ODV (start of period) | 38,366,931 | 38,208,284 |
| Add System Fixed Assets acquired during the period at ODV | 1,240,915 | 1,805,180 |
| Less System Fixed Assets disposed of during the period at ODV | (147,989) | (251,647) |
| Less depreciation on System Fixed Assets at ODV | (2,156,486) | (1,394,886) |
| Add revaluations of System Fixed Assets at ODV | 0 | 0 |
| Gives System Fixed Assets at ODV (end of period) | 37,303,371 | 38,366,931 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 100
Gazette.govt.nz —
NZ Gazette 2003, No 100
✨ LLM interpretation of page content
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Financial Statements for Network Waitaki Limited's Lines Business
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