New Zealand Gazette – 2006 – No. 150

Page 4352

✨ Financial Statements

RELATED PARTY TRANSACTIONS

(a) The Lines business enters into transactions with the "Other" Business. The relationship is managed on an arms length basis, with significant contracts generally awarded by the Lines business on a competitive tendering basis.

(b) & (c)

The services provided by the "Other" Business generally include normal electrical construction, maintenance and fault response services related to the Lines business electrical network.

(d) Services provided were in the following categories and at total prices as indicated in $000:

	2006	2005
	$000	$000
Construction of subtransmission assets	66	67
Construction of zone substations	-	-
Construction of distribution lines and cables	821	633
Construction of medium voltage switch gear	-	-
Construction of distribution transformers	775	344
Construction of distribution substations	49	38
Construction of low voltage reticulation	442	341
Construction of other system fixed assets	38	6
Maintenance of assets	1,598	1,379

(e) Services were provided throughout the financial year.

(f) There were no outstanding trade balances owing at year-end for services performed by the other business for the Lines business, as payment is effected by way of accounting entry at the end of each month. Loan funding was provided by the Other business to the Lines Business, as disclosed in Note 8. As the Lines and Other Businesses operate as a single legal entity no formal loan documentation is prepared in respect of loans between them. The loan has been treated in the Lines Business financial statements as being on-call.

(g) No debts arising from related party transactions have been written off or forgiven during the year.

(h) No transactions were undertaken at a nil or nominal value, other than minor items as would occur in a normal arms length relationship.

VUW Te Waharoa — NZ Gazette 2006, No 150

Gazette.govt.nz — NZ Gazette 2006, No 150

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Counties Power Limited - Related Party Transactions (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsRelated Party Transactions, Financial Statements, Construction, Maintenance, Loan Funding

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