New Zealand Gazette – 2006 – No. 133

Page 3863

✨ Financial Statements Continuation



Network Waitaki Limited Lines Business

Notes to the financial statements for the year ended 31 March 2006 (Continued)

2. Commitments and Contingent Liabilities

There were capital commitments at 31 March 2006 of $\$597,659 (2005 $\$552,547).

The Lines Business has no contingent liabilities at the end of the year (2005 Nil).

3. Related Party Transactions

Associated Entity: Networks South Limited

  • Networks South Limited is 50% owned by Network Waitaki Limited and provided administrative, engineering and planning functions for the network from 1 April 2004 to 31 March 2005. These services were charged on a fixed contract basis.
  • During the year Network Waitaki paid Networks South Limited $\$337,776 (2005 $\$928,728) on normal commercial terms. No amount was outstanding as at 31 March 2006 (2005 $\$93,090). No debts were written off or forgiven and no transactions took place at nil or nominal value. Transactions do not relate to the categories specified in the Disclosure Regulations.

Associated Entity: NetCon Limited

  • NetCon is wholly owned by Networks South Limited and provided asset maintenance and construction services for the network from 1 April 2005 to 31 March 2006. Services were charged on either a fixed price basis or “time and materials” basis.
  • During the year, this charge totalled $\$3,083,585 (2005 $\$2,973,100). The outstanding amount as at 31 March 2006 was $\$786,056 (2005 $\$738,285) payable on normal commercial terms.
  • No debts were written off or forgiven and no transactions took place at nil or nominal value.
  • During the year capital construction transactions totalled the following:
Year to 31/03/06 Year to 31/03/05
$ $
Sub transmission assets 722,172 297,568
Zone substations 82,203 40,357
Distribution lines 455,881 695,224
Medium voltage switchgear 0 2,222
Distribution transformers 0 48,434
Distribution substations 377,493 347,719
Low voltage lines 355,358 246,210
Other property, plant & equipment 182,216 618,079

Other transactions totalled:

| Maintenance of System Property, Plant & Equipment | 888,262 | 1,178,085 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 133


Gazette.govt.nz — PDF NZ Gazette 2006, No 133




✨ LLM interpretation of page content

🏭 Network Waitaki Limited Financial Statements Disclosure (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Cash Flows, Network Waitaki Limited