New Zealand Gazette – 2006 – No. 148

Page 4285

✨ Financial Statements Continuation

24 NOVEMBER 2006
NEW ZEALAND GAZETTE, No. 148
4285

(Notes to the Consolidated Financial Statements Continued)

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 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.

13. 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 2006 $000	31 March 2005 $000
Construction of:
➤ Subtransmission assets	-	-
➤ Zone substations	133	213
➤ Distribution lines and cables	954	297
➤ Medium Voltage switchgear	239	143
➤ Distribution transformers	322	349
➤ Distribution substations	33	66
➤ Low voltage reticulation	551	649
➤ Other system fixed assets	-	-

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

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

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

☐ Electricity Invercargill Limited Line Business owes PowerNet Limited Other Business $594,000 (2005: $492,000).

No related party debts have been written off or forgiven during 2006 or 2005.

VUW Te Waharoa — NZ Gazette 2006, No 148

Gazette.govt.nz — NZ Gazette 2006, No 148

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
Dated20 November 2006
KeywordsElectricity, Financial Statements, Property, Plant, Equipment, Accounts Payable, Provisions, Commitments, Operating Lease

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