New Zealand Gazette – 2005 – No. 121

Page 2928

✨ Related Party Transactions

2928

NEW ZEALAND GAZETTE, No. 121

10 AUGUST 2005

RELATED PARTY TRANSACTIONS

(a) The Lines business enters into transactions with the “Other” Business. The relationship is managed on an arms length basis, with significant contracts generally awarded by the Lines business on a competitive tendering basis.

(b) & (c)

The services provided by the “Other” Business generally include normal electrical construction, maintenance and fault response services related to the Lines business electrical network.

(d) Services provided were in the following categories and at total prices as indicated in $000:

	2005	2004
Construction of subtransmission assets	67	38
Construction of zone substations	-	-
Construction of distribution lines and cables	633	714
Construction of medium voltage switch gear	-	-
Construction of distribution transformers	344	388
Construction of distribution substations	38	194
Construction of low voltage reticulation	341	306
Construction of other system fixed assets	6	15
Maintenance of assets	1,379	1,331

(e) Services were provided throughout the financial year.

(f) There were no outstanding trade balances owing at year-end for services performed by the Other business for the Lines business, as payment is effected by way of accounting entry at the end of each month. Loan funding was provided by the Other business to the Lines Business, as disclosed in Note 8. As the Lines and Other Businesses operate as a single legal entity no formal loan documentation is prepared in respect of loans between them. The loan has been treated in the Lines Business financial statements as being on-call.

(g) No debts arising from related party transactions have been written off or forgiven during the year.

(h) No transactions were undertaken at a nil or nominal value, other than minor items as would occur in a normal arms length relationship.

VUW Te Waharoa — NZ Gazette 2005, No 121

Gazette.govt.nz — NZ Gazette 2005, No 121

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

💰 Counties Power Limited Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsRelated Party Transactions, Financial Instruments, Credit Risk, Debt Concentration, Fair Values, Trade Debtors, Construction, Maintenance

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