New Zealand Gazette – 2005 – No. 24

Page 578

✨ Financial Statements - Related Party Transactions

578

NEW ZEALAND GAZETTE, No. 24

21 JANUARY 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:

Construction of subtransmission assets	2004 $000	2003 $000
Construction of zone substations	38	11
Construction of distribution lines and cables	714	1,025
Construction of medium voltage switch gear	-	-
Construction of distribution transformers	388	353
Construction of distribution substations	194	83
Construction of low voltage reticulation	306	150
Construction of other system fixed assets	15	14
Maintenance of assets	1,331	1,493

(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 24

Gazette.govt.nz — NZ Gazette 2005, No 24

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

✨ LLM interpretation of page content

💰 Counties Power Limited - Related Party Transactions (continued from previous page)

Domain💰 Finance & Revenue
KeywordsRelated Party Transactions, Construction, Maintenance, Loan Funding, Financial Statements

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