New Zealand Gazette – 2003 – No. 79

Page 2104

✨ Financial Statements

WAIPA NETWORKS LIMITED - LINES BUSINESS

13 SEGMENTAL REPORTING

Waipa Networks operates predominately in one industry, distribution of electricity. All operations are carried out within New Zealand, and are therefore within one geographical segment for reporting purposes.

14 RELATED PARTIES

At balance date, the Waipa Networks Trust held 100 per cent of the shares in Waipa Networks Limited.

All related party transactions in the accounts of Waipa Networks have been conducted on a commercial and arms length basis.

The contracting department of Waipa Networks has provided the following services at cost, including overheads, for the year ended 31 March 2003

	2003	2002
Construction of distribution lines & cables	477,052	388,666
Construction of medium voltage switchgear	107,482	117,794
Construction of distribution transformers	378,285	441,513
Construction of distribution substations	23,376	81,366
Construction of low voltage lines and cables	170,179	76,964
Construction of other system fixed assets	151,697	279,922
Maintenance of assets	1,262,862	826,352
Consumer connections and reconnections	6,196	5,569
Other services	44,346	43,419

The following transactions occurred between the line business and other business.

| Interest paid to Other | 796,000 | 796,000 |

The line business has a loan from the other business refer note 10.

The amount outstanding at balance date was $8,000,000 (2002 $8,000,000).

At year end there were no other outstanding balances for related parties (2002 Nil).

No related party debt has been written off or forgiven during 2003 or 2002.

No provision has been made in the accounts for payment of a final dividend to the Waipa Networks Trust. (2002 Nil). No interim dividends have been paid (2002 Nil).

VUW Te Waharoa — NZ Gazette 2003, No 79

Gazette.govt.nz — NZ Gazette 2003, No 79

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✨ LLM interpretation of page content

🏗️ Notes to Financial Statements for Waipa Networks Limited (continued from previous page)

Domain🏗️ Infrastructure & Public Works
KeywordsSegmental Reporting, Related Parties, Financial Transactions, Waipa Networks Limited

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