New Zealand Gazette – 2006 – No. 135

Page 3907

✨ Financial Statements

14 NOVEMBER 2006 NEW ZEALAND GAZETTE, No. 135 3907

WEL NETWORKS LIMITED

Financial Instruments (continued)

(b) Fair Values

The Directors estimate that the carrying amounts of financial instruments in the Statement of Financial Position equal their fair values.

13 Related Party Transactions

The Lines Business has received services from WEL Networks Operations Division. Both entities form part of WEL Networks. All transactions between the two parties are at arms length and at market rates. There have been no transactions at nil or nominal value.

There are no outstanding balances between the two parties. No debts were forgiven or written off.

Details of the transactions are as follows:

Line Business	2006	2005
	($000s)	($000s)
(a) Construction of subtransmission assets	7,539	5,897
(b) Construction of zone substations	1,955	260
(c) Construction of distribution lines and cables.	7,051	6,975
(d) Construction of medium voltage switchgear	475	856
(e) Construction of distribution transformers.	836	773
(f) Construction of distribution substations	398	91
(g) Construction of Low voltage lines & cables	3,640	3,007
WEL Networks was involved in connecting new consumers to its network and the following costs were incurred:
(h) Relays for new connections	947	-
Consumer connections	3,840	4,020
(i) Maintenance of distribution system	4,920	3,813
	31,601	25,692

In some cases estimates have been used to apportion costs between the categories listed above.

VUW Te Waharoa — NZ Gazette 2006, No 135

Gazette.govt.nz — NZ Gazette 2006, No 135

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✨ LLM interpretation of page content

🏭 Certification of Financial Statements for WEL Networks Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Certification, Electricity Information Disclosure, WEL Networks Limited, Non-current Liabilities, Contingencies, Capital Commitments, Financial Instruments

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