✨ Financial Statements
NEW ZEALAND GAZETTE
No. 108
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:
The Power Company Limited Line Business purchased from PowerNet Limited Other Business:
| 31 March 2003 | 31 March 2002 | |
|---|---|---|
| $000 | $000 | |
| Construction of: | ||
| ✓ Subtransmission assets | 1,405 | 837 |
| ✓ Zone substations | 2,046 | 4,865 |
| ✓ Distribution lines and cables | 3,940 | 1,817 |
| ✓ Medium voltage switchgear | 150 | 196 |
| ✓ Distribution transformers | 1,204 | 1,416 |
| ✓ Distribution substations | - | - |
| ✓ Low voltage lines and cables | 237 | 154 |
| ✓ Other system fixed assets | 61 | - |
The above amounts represent the capital works programme undertaken by PowerNet Limited on behalf of The Power Company Limited.
| Maintenance of assets | - | - |
| Consumer connections and disconnections | - | - |
PowerNet Limited’s Line Business purchased from The Power Company Limited Other Business:
| Rent | 16 | 19 |
The value of transactions owing at balance date were as follows:
The Power Company Limited Line Business owes PowerNet Limited Other Business $1,320,000 (2002 $662,000).
PowerNet Limited’s Line Business owes The Power Company Limited Other Business $1,000 (2002 $1,000).
The Southland Electric Power Supply Consumer Trust, which owns 100% of the shares in The Power Company Limited, is a related party. During the year expenses are paid out on behalf of the Trust, at 31 March 2003 these totalled $71,000 (2002 $122,000). A dividend of $143,000 (2002 $103,000) was paid during the year.
No related party debts have been written off or forgiven during 2003 or 2002.
11. Annual Valuation Reconciliation Report
| System fixed assets at ODV – end of the previous financial year | 152,422 | 172,264 |
| Less recalibration of system fixed assets | - | (22,351)|
| Revised system fixed assets – end of the previous financial year | 152,422 | 149,913 |
| Add system fixed assets acquired during the year at ODV | 7,179 | 10,024 |
| Less system fixed assets disposed of during the year at ODV | (174) | (268) |
| Less depreciation on system fixed assets at ODV | (6,994) | (7,247) |
| Add revaluations of system fixed assets | - | - |
| System fixed assets at ODV – end of the financial year | 152,433 | 152,422 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 108
Gazette.govt.nz —
NZ Gazette 2003, No 108
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Financial Statements of The Power Company Limited
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