New Zealand Gazette – 2004 – No. 164

Page 4052

✨ Financial Statements Continuation

4052 NEW ZEALAND GAZETTE, No. 164 15 DECEMBER 2004

WAIPA NETWORKS LIMITED - LINES BUSINESS

13 SEGMENTAL REPORTING

Waipa Networks operates predominantly 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 2004

	2004	2003
Construction of distribution lines & cables	466,628	477,052
Construction of medium voltage switchgear	193,407	107,482
Construction of distribution transformers	360,255	378,285
Construction of distribution substations	227,021	23,378
Construction of low voltage lines and cables	281,533	170,179
Construction of other system fixed assets	338,425	151,697
Maintenance of assets	1,248,027	1,262,862
Consumer connections and reconnections	5,376	6,196
Other services	34,825	44,346

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

Interest paid to Other | 798,181 | 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 (2003 $8,000,000).

At year end there were no other outstanding balances for related parties (2003 Nil).
No related party debt has been written off or forgiven during 2004 or 2003.

No provision has been made in the accounts for payment of a final dividend to the Waipa Networks Trust. (2003 Nil). No interim dividends have been paid (2003 Nil).

VUW Te Waharoa — NZ Gazette 2004, No 164

Gazette.govt.nz — NZ Gazette 2004, No 164

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✨ LLM interpretation of page content

🏭 Financial Statements of Waipa Networks Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated2 December 2004
KeywordsFinancial statements, Waipa Networks Limited, Segmental Reporting, Related Parties, Construction, Maintenance, Interest, Loans

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