New Zealand Gazette – 2003 – No. 111

Page 2947

✨ Financial Statements



THE LINES COMPANY LIMITED-LINE BUSINESS ACTIVITY

NOTE 12 : RELATED PARTY TRANSACTIONS

a) The related party is the contracting division of The Lines Company.

b) The period covered in these statements are 1st April 2002 to 31st March 2003.

c) There are no outstanding balances and no debts have been written off.

c) Maintenance work is recorded on the basis of material at cost plus 15% and labour & plant at $45 per hour. Capital expenditure is recorded at ODV values.

d) Construction of the following types of assets were undertaken for the lines business.

2003 $000's 2002 $000's
(i) Construction of Subtransmission Assets 998 240
(ii) Construction of Zone Substations 540 109
(iii) Construction of Distribution Lines and Cables 1,497 1,310
(iv) Construction of Medium Voltage Switchgear 101 51
(v) Construction of Distribution Substations 259 283
(vi) Construction of Low Voltage Reticulation 304 225
(vii) Construction of Other Assets 44 391
(viii) Consumer connections & disconnections 286 115
(ix) Maintenance of distribution system 2,043 1,853
Total 6,072 4,577

During the year company paid Waitomo Energy Services Customer Trust $46,083 of interest on a subordinated debenture.

NOTE 13 : ODV RECONCILIATION

Description $000's
System Fixed Assets at ODV (at the end of the previous year) 65,456
New Revaluation of System Fixed Assets (previous year) -
System Fixed Assets at ODV (Beginning of Year) 65,456
System Fixed Assets Acquired during year at ODV 11,157
System Fixed Assets Disposed of during year at ODV -
Depreciation on System Fixed Assets at ODV (2,849)
Revaluations of Systems Fixed Assets 3,358
System Fixed Assets at ODV (at the end of the current year) 77,123

As at 31st March 2003 the ODV Valuation of the lines business as certified by PricewaterhouseCoopers was $77.123 million.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 111


Gazette.govt.nz — PDF NZ Gazette 2003, No 111




✨ LLM interpretation of page content

💰 Notes to the Financial Statements for The Lines Company Limited (continued from previous page)

💰 Finance & Revenue
Financial Statements, Related Party Transactions, Maintenance Work, Construction, Subtransmission Assets, Zone Substations, Distribution Lines, Medium Voltage Switchgear, Distribution Substations, Low Voltage Reticulation, Consumer Connections, Maintenance, ODV Reconciliation, System Fixed Assets, Revaluation, Depreciation, Waitomo Energy Services Customer Trust, Interest