New Zealand Gazette – 2005 – No. 114

Page 2751

✨ Financial Statements



3 AUGUST 2005
NEW ZEALAND GAZETTE, No. 114
2751

WEL NETWORKS LIMITED

This debt is subject to a written agreement and regular credit checks. The Group does not require any collateral.

Financial Instruments (continued)

(b) Fair Values

The Directors estimate that the carrying amounts of financial instruments in the Statement of Financial Position equal their fair values.

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 2005 ($000s) 2004 ($000s)
(a) Construction of subtransmission assets 5,897 147
(b) Construction of zone substations 260 498
(c) Construction of distribution lines and cables. 6,975 6,399
(d) Construction of medium voltage switchgear 856 204
(e) Construction of distribution transformers. 773 547
(f) Construction of distribution substations 91 726
(g) Construction of Low voltage lines & cables 3,007 1,958
(h) Relays for new connections - -
Consumer connections 4,020 2,638
(i) Maintenance of distribution system 3,813 2,958
Total 25,692 16,075

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



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 114


Gazette.govt.nz — PDF NZ Gazette 2005, No 114




✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for WEL Networks Limited (continued from previous page)

🏭 Trade, Customs & Industry
3 August 2005
Financial Statements, Non-current Liabilities, Contingencies, Capital Commitments, Operating Leases, Financial Instruments, Risk Management, WEL Networks Limited