New Zealand Gazette – 2005 – No. 4

Page 97

✨ Financial Statements Continuation

14 JANUARY 2005 NEW ZEALAND GAZETTE, No. 4

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 changes 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.

Related Parties

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

All related party transactions between Electricity Invercargill 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 Electricity Invercargill Limited Line Business and Electricity Invercargill 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:

Electricity Invercargill Limited Line Business purchased from PowerNet Limited Other Business:

| | 31 March 2004
$000 | 31 March 2003
$000 |
|---|---|---|
| Construction of: | |
| Subtransmission assets | - | 114 |
| Zone substations | 243 | 763 |
| Distribution lines and cables | 182 | 249 |
| Medium Voltage switchgear | 135 | 145 |
| Distribution transformers | 237 | 503 |
| Distribution substations | 46 | 41 |
| Low voltage reticulation | 876 | 1,091 |
| Other system fixed assets | 5 | 101 |

These amounts represent the capital works programme undertaken by PowerNet Limited on behalf of Electricity Invercargill Limited.

| Maintenance of assets | - | - |
| Customer connections and disconnections | - | 17 |

The value of transactions owing at balance date were as follows:

Electricity Invercargill Limited Line Business owes PowerNet Limited Other Business $299,000 (2003: $410,000).
PowerNet Limited’s Line Business owes Electricity Invercargill Limited Other Business Nil (2003: Nil).

No related party debts have been written off or forgiven during 2004 or 2003.

VUW Te Waharoa — NZ Gazette 2005, No 4

Gazette.govt.nz — NZ Gazette 2005, No 4

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Electricity Invercargill Limited Line Business Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Net Surplus, Cash Flows, Contingent Liabilities, Financial Instruments

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