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New Zealand Gazette – 2003 – No. 112

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✨ Financial Statements

2972

NEW ZEALAND GAZETTE

No. 112

WEL NETWORKS LIMITED

13 Related Party Transactions

The Lines Business has received services from WEL Networks Network Services Division. Both entities form part of WEL Networks. All transactions between the two parties are at arms length and at market rates. There have been no transactions at nil or nominal value.

There are no outstanding balances between the two parties. No debts were forgiven or written off.

Details of the transactions are as follows:

Line Business	2003 ($000s)	2002 ($000s)
(a) Construction of subtransmission assets	213	412
(b) Construction of zone substations	392	2,950
(c) Construction of distribution lines and cables.	2,009	2,616
(d) Construction of medium voltage switchgear	81	97
(e) Construction of distribution transformers.	351	874
(f) Construction of distribution substations	1,563	449
(g) Construction of Low voltage lines & cables	928	915

WEL Networks was involved in connecting new consumers to its network and the following costs were incurred:

| (h) Relays for new connections | 173 | 425 |
| (i) Consumer connections | 1,394 | 1,404 |
| Maintenance of distribution system | 3,993 | 3,942 |
| | 11,097 | 14,084 |

In some cases estimates have been used to apportion costs between the categories listed above.

14 Imputation Credit Memorandum Account

| Balance at the beginning of the year | 21,204 | 15,675 |
| Dividends allocated | (5,520) | (4,996) |
| Taxation paid | 4,706 | 10,525 |
| Transfer on amalgamation with WETSL | 9,811 | - |
| Balance at the end of the year | 30,201 | 21,204 |

15 Adjusted net working capital

| | 91 | 4,312 |

16 Interest tax shield

| | 106 | (156) |

VUW Te Waharoa — NZ Gazette 2003, No 112

Gazette.govt.nz — NZ Gazette 2003, No 112

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Fixed Assets of WEL Networks Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFixed Assets, Financial Statements, Contingencies, Capital Commitments, Financial Instruments, Risk Management, WEL Networks Limited

🏭 Related Party Transactions of WEL Networks Limited

Domain🏭 Trade, Customs & Industry
KeywordsRelated Party Transactions, Construction, Subtransmission, Zone Substations, Distribution Lines, Cables, Switchgear, Transformers, Substations, Low Voltage Lines, Consumer Connections, Maintenance, WEL Networks Limited

🏭 Imputation Credit Memorandum Account of WEL Networks Limited

Domain🏭 Trade, Customs & Industry
KeywordsImputation Credit Memorandum Account, Dividends, Taxation, Amalgamation, WETSL, WEL Networks Limited

🏭 Adjusted Net Working Capital of WEL Networks Limited

Domain🏭 Trade, Customs & Industry
KeywordsAdjusted Net Working Capital, WEL Networks Limited

🏭 Interest Tax Shield of WEL Networks Limited

Domain🏭 Trade, Customs & Industry
KeywordsInterest Tax Shield, WEL Networks Limited

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