✨ Financial Transactions and Related Parties
Note 10 : Disclosure of Information Relating to Transactions Between Persons in a Prescribed Business Relationship and Related Parties (Requirement 8)
During the Year the Line Business:
Purchased the following services from DELTA Utility Services Ltd:
| 2005 $000 | 2004 $000 | |
|---|---|---|
| Asset maintenance | 7,636 | 7,501 |
| Network management, operation and other | 3,500 | 3,419 |
| Consumer reconnections and disconnections | - | - |
| Total | 11,136 | 10,920 |
Network capital work and development
| 2005 $000 | 2004 $000 | |
|---|---|---|
| Distribution substations | 982 | 1,058 |
| Low voltage reticulation | 3,100 | 3,278 |
| Distribution lines and cables | 2,447 | 3,065 |
| Distribution transformers | 1,910 | 2,021 |
| Zone substations | 176 | 580 |
| Other plant and equipment | 147 | 52 |
| Sub-transmission reticulation | - | 2,591 |
| Total | 8,762 | 12,645 |
Network operation and maintenance is charged in accordance with a Fixed Term Contract. Capital work is subject to open tender, established market rates, or competitive pricing.
At balance date, $5,492,945 was owed to DELTA Utility Services Ltd (2004 - $3,634,070). Of this, $1,542,762 was due and payable on 20 April, while $3,950,183 relating to capital work in progress was payable at a later date.
Other Line Business Related Parties:
The Lines Business has a borrowing facility with Dunedin City Treasury Ltd. During the year it paid $7.324 million interest (2004 - $7.537 million) and as at 31 March 2005 $103.8 million of loan monies were outstanding (2004: $108.2 million).
During the year, the Lines Business also undertook the following transactions with Dunedin City Holdings Ltd:
- Purchase of subvention expense: $1.17 million (2004: $1.29 million)
- Dividends paid: $7.31 million (2004: $3.80 million)
As at 31 March 2005, $0.825 million of subvention was outstanding (2004: $1.041 million).
No related party transactions took place at a nominal or nil value. No related party debts have been written-off or forgiven during the period.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 140
Gazette.govt.nz —
NZ Gazette 2005, No 140
✨ LLM interpretation of page content
🏭 Disclosure of Information Relating to Transactions Between Persons in a Prescribed Business Relationship and Related Parties
🏭 Trade, Customs & IndustryFinancial Transactions, Related Parties, DELTA Utility Services Ltd, Dunedin City Treasury Ltd, Dunedin City Holdings Ltd