✨ Financial Transactions and Disclosures
14 JANUARY 2005 NEW ZEALAND GAZETTE, No. 5
123
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:
| 2004 | 2003 | |
|---|---|---|
| $000 | $000 | |
| Asset maintenance | 7,501 | 7,261 |
| Network management, operation and other | 3,419 | 3,379 |
| Consumer reconnections and disconnections | - | - |
| Total | 10,920 | 10,640 |
Network capital work and development
| 2004 | 2003 | |
|---|---|---|
| $000 | $000 | |
| distribution substations | 1,058 | 1,060 |
| low voltage reticulation | 3,278 | 2,629 |
| distribution lines and cables | 3,065 | 2,783 |
| distribution transformers | 2,021 | 1,272 |
| zone substations | 580 | 99 |
| other plant and equipment | 52 | 47 |
| sub-transmission reticulation | 2,591 | - |
| Total | 12,645 | 7,890 |
Network operation and maintenance is charged in accordance with a Fixed Term Contract.
All capital work is subject to open tender, established market rates, or competitive pricing. The increase in payments to DELTA in 2004 for Network Capital work and development results from the significant increase in capital expenditure as explained in Note 3.
At balance date, $3,634,070 was owed to DELTA Utility Services Ltd (2003 - $3,833,520). Of this, $1,232,660 was due and payable on 20 April, while $2,401,410 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 $7.537 million interest (2003 - $7.784 million) and as at 31 March 2004 $108.2 million of loan monies were outstanding (2003: $117.0 million).
During the year the Lines Business also undertook the following transactions with Dunedin City Holdings Ltd:
| 2004 | 2003 | |
|---|---|---|
| Purchase of subvention expense | $1.29 million | $1.19 million |
| Dividends paid | $3.80 million | $9.08 million |
As at 31 March 2004, $1.041 million of subvention was outstanding (2003: $0.9 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 5
Gazette.govt.nz —
NZ Gazette 2005, No 5
✨ LLM interpretation of page content
💰 Disclosure of Transactions with Related Parties
💰 Finance & RevenueFinancial Transactions, Related Parties, DELTA Utility Services Ltd, Dunedin City Treasury Ltd, Dunedin City Holdings Ltd