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New Zealand Gazette – 2003 – No. 92

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✨ Financial Statements and Related Party Transactions

5 AUGUST NEW ZEALAND GAZETTE 2367

10. Contingent Liabilities

There are no contingent liabilities as at 31 March 2003 (2002: Nil).

11. Financial Instruments

Interest Rate Risk

The Company is subject to normal fluctuations in interest rates.

Credit Risk

Financial instruments which potentially subject the Company to a credit risk consist principally of bank deposits and receivables. Bank deposits are placed with high credit quality financial institutions. Concentrations of credit risk with respect to receivables relate to PowerNet Limited but are subject to normal terms of trade. Regular monitoring of receivables is undertaken.

Foreign Exchange Risk

The Company is not exposed to any foreign exchange risk.

Fair Values

All financial instruments shown in the Statement of Financial Position are recorded at fair value.

12. Related Parties

Electricity Invercargill Limited “Line Business” consists of line activities conducted in Electricity Invercargill Limited and its joint venture company PowerNet Limited. Electricity Invercargill Limited “Other Business” consists of other or non-line activities conducted in Electricity Invercargill Limited and its joint venture company PowerNet Limited.

All related party transactions between Electricity Invercargill Limited Line Business and PowerNet Limited Line Business have been eliminated in the preparation of the financial statements.

During the year related party transactions took place between Electricity Invercargill Limited Line Business and Electricity Invercargill Limited Other Business. All related party transactions have been conducted on a commercial and arms length basis.

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:

Electricity Invercargill Limited Line Business purchased from PowerNet Limited Other Business:

	31 March 2003	31 March 2002
	$000	$000
Construction of:
> Subtransmission assets	114	21
> Zone substations	763	37
> Distribution lines and cables	249	1,223
> Distribution switchgear	145	370
> Distribution transformers	503	113
> Distribution substations	41	98
> Low voltage lines and cables	1,091	660
> Other system fixed assets	101	-
Maintenance of assets	-	-
Customer connections and disconnections	17	12

These amounts represent the capital works programme undertaken by PowerNet Limited on behalf of Electricity Invercargill Limited.

VUW Te Waharoa — NZ Gazette 2003, No 92

Gazette.govt.nz — NZ Gazette 2003, No 92

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Electricity Information Disclosure for Invercargill Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated24 July 2003
KeywordsElectricity, Financial Statements, Contingent Liabilities, Interest Rate Risk, Credit Risk, Foreign Exchange Risk, Fair Values, Related Parties, PowerNet Limited, Financial Instruments, Capital Works

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