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New Zealand Gazette – 2005 – No. 133

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✨ Financial Statements

19 AUGUST 2005

NEW ZEALAND GAZETTE, No. 133

3247

The above exposures are net of any recognised provision for losses on these financial instruments.

No collateral is held on the above amounts.

Concentrations of Credit Risk

The Line Business is exposed to a Concentration of Credit Risk by one significant energy retailer. This entity is considered to be a high credit quality entity.

Foreign Exchange Risk

The Line Business is not exposed to any foreign exchange risk.

Interest Rate Risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changed in market interest rates. The Line Business is exposed to normal fluctuations in market interest rates.

Fair Values

The estimated fair value of the Line Business’ financial instruments are represented by the carrying values.

11. Related Parties

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

All related party transactions between The Power Company 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 The Power Company Limited Line Business and The Power Company 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:

The Power Company Limited Line Business purchased from PowerNet Limited Other Business:

	31 March 2005	31 March 2004
	$000	$000
Construction of:
> Subtransmission assets	205	1,676
> Zone substations	1,481	2,633
> Distribution lines and cables	2,256	700
> Medium voltage switchgear	175	543
> Distribution transformers	1,119	1,172
> Distribution substations	942	618
> Low voltage lines and cables	91	540
> Other system fixed assets	-	-

The above amounts represent the capital works programme undertaken by PowerNet Limited on behalf of The Power Company Limited.

| Maintenance of assets | - | - |
| Consumer connections and disconnections | - | - |

PowerNet Limited’s Line Business purchased from The Power Company Limited Other Business:

| Rent | 19 | 20 |

VUW Te Waharoa — NZ Gazette 2005, No 133

Gazette.govt.nz — NZ Gazette 2005, No 133

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

✨ LLM interpretation of page content

🏭 Financial Instruments (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsOff Balance Sheet Financial Instruments, Credit Risk, Bank Balances, Accounts Receivable, Financial Statements, Power Company Limited, PowerNet Limited, Related Party Transactions

🏭 Concentrations of Credit Risk

Domain🏭 Trade, Customs & Industry
KeywordsCredit Risk, Energy Retailer, Financial Risk

🏭 Foreign Exchange Risk

Domain🏭 Trade, Customs & Industry
KeywordsForeign Exchange Risk, Financial Risk

🏭 Interest Rate Risk

Domain🏭 Trade, Customs & Industry
KeywordsInterest Rate Risk, Financial Risk

🏭 Fair Values

Domain🏭 Trade, Customs & Industry
KeywordsFair Values, Financial Instruments

🏭 Related Parties

Domain🏭 Trade, Customs & Industry
KeywordsRelated Party Transactions, Power Company Limited, PowerNet Limited, Financial Statements

🏭 Transactions Between The Power Company Limited Line Business and PowerNet Limited Other Business

Domain🏭 Trade, Customs & Industry
KeywordsTransactions, Power Company Limited, PowerNet Limited, Financial Statements

🏭 Transactions Between PowerNet Limited’s Line Business and The Power Company Limited Other Business

Domain🏭 Trade, Customs & Industry
KeywordsTransactions, Power Company Limited, PowerNet Limited, Financial Statements

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Additional Sources

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