New Zealand Gazette – 2006 – No. 131

Page 3775

✨ Financial Risk and Related Party Transactions

8 NOVEMBER 2006
NEW ZEALAND GAZETTE, No. 131
3775

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 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.

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 2006 $000	31 March 2005 $000
Construction of:
> Subtransmission assets	2,167	205
> Zone substations	2,180	1,481
> Distribution lines and cables	3,309	2,256
> Medium voltage switchgear	340	175
> Distribution transformers	1,172	1,119
> Distribution substations	862	942
> Low voltage lines and cables	124	91

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

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


Rent	21	19

VUW Te Waharoa — NZ Gazette 2006, No 131

Gazette.govt.nz — NZ Gazette 2006, No 131

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
KeywordsCredit Risk, Foreign Exchange Risk, Interest Rate Risk, Fair Values, Financial Instruments

🏭 Related Party Transactions

Domain🏭 Trade, Customs & Industry
KeywordsRelated Party Transactions, Power Company Limited, PowerNet Limited, Construction, Rent

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