✨ Financial Statements
17 AUGUST 2005 NEW ZEALAND GAZETTE, No. 128 3109
13. RELATED PARTIES
The parties to the OtagoNet Joint Venture consist of Marlborough Lines Limited, Electricity Invercargill Limited and The Power Company Limited through their respective subsidiaries Southern Lines Limited, Pylon Limited and Last Tango Limited. All transactions between OtagoNet Joint Venture and its joint venture parties relate to normal trading conditions and have been conducted on an “arms length” basis.
Otago Power Services Limited has the same ownership as the OtagoNet Joint Venture, and its control is governed by the same Joint Venture Agreement. All transactions between the OtagoNet Joint Venture and Otago Power Services Limited relate to normal trading conditions and have been conducted on an “arms length” basis.
No related party debts have been written off or forgiven during the year.
Goods and Services Provided by Otago Power Services Limited were:
| 31 March 2005 $000 | 31 March 2004 $000 | |
|---|---|---|
| Construction of: | ||
| Subtransmission assets | 163 | 134 |
| Zone substations | 213 | 246 |
| Distribution lines and cables | 466 | 814 |
| Medium voltage switchgear | 30 | 32 |
| Distribution transformers | 128 | 120 |
| Distribution substations | 33 | - |
| Low voltage lines and cables | 76 | - |
| Other system fixed assets | 34 | - |
| Maintenance of assets | 1,470 | 1,289 |
| Consumer connections and disconnections | - | - |
Capital work is subject to open tender or competitive pricing
Maintenance work is charged in accordance with a competitively priced facilities management contract established for a fixed term.
At year end $357,000 (2004 $310,000) was owing to Otago Power Services Limited.
Goods and Services Provided to Otago Power Services Limited were:
| 31 March 2005 $000 | 31 March 2004 $000 | |
|---|---|---|
| Rent | 5 | 5 |
At year end $1,000 (2004 $1,000) was owing by Otago Power Services Limited.
No related party debts have been written off or forgiven during 2005 or 2004.
14. ANNUAL VALUATION RECONCILIATION REPORT
| 31 March 2005 $000 | 31 March 2004 $000 | |
|---|---|---|
| System fixed assets at ODV – end of the previous financial year | 91,372 | 66,709 |
| Add system fixed assets acquired during the year at ODV | 2,082 | 3,040 |
| Less system fixed assets disposed of during the year at ODV | (15) | (8) |
| Less depreciation on system fixed assets at ODV | (3,459) | (2,474) |
| Add revaluations of system fixed assets | - | 24,105 |
| System Fixed Assets at ODV – end of the financial year | 89,980 | 91,372 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 128
Gazette.govt.nz —
NZ Gazette 2005, No 128
✨ LLM interpretation of page content
🏭 Related Parties Transactions
🏭 Trade, Customs & IndustryJoint Venture, OtagoNet, Transactions, Arms Length, Construction, Maintenance
🏭 Annual Valuation Reconciliation Report
🏭 Trade, Customs & IndustryValuation, System Fixed Assets, ODV, Depreciation, Revaluations