New Zealand Gazette – 2006 – No. 156

Page 4558

✨ Financial Statements Notes



4558 NEW ZEALAND GAZETTE, No. 156 29 NOVEMBER 2006

Note 10 : Disclosure of Information Relating to Transactions Between Persons in a Prescribed Business Relationship and Related Parties (Requirement 8)

During the Year the Line Business:

Purchased the following services from DELTA Utility Services Ltd:

2006 2005
Asset maintenance $'000 $'000
7,614 7,636
Network management, operation and other 3,686 3,500
Consumer reconnections and disconnections - -
Total 11,300 11,136

Network capital work and development:

2006 2005
distribution substations 978 982
low voltage reticulation 2,490 3,100
distribution lines and cables 1,882 2,447
distribution transformers 1,704 1,910
zone substations 357 176
other plant and equipment 87 147
sub-transmission reticulation 223 -
Total 7,721 8,762

Network operation and maintenance is charged in accordance with a Fixed Term Contract. Capital work is subject to open tender, established market rates, or competitive pricing.

At balance date, $6,826,500 was owed to DELTA Utility Services Ltd (2005 - $5,492,945). Of this, $1,601,524 was due and payable on 20 April, while $5,224,976 relating to capital work-in-progress was payable at a later date.

Other Line Business Related Parties:

The Lines Business has a borrowing facility with Dunedin City Treasury Ltd. During the year it paid $7.448 million interest (2005 - $7.324 million) and as at 31 March 2006 $107.6 million of loan monies were outstanding (2005: $103.8 million).

During the year, the Lines Business also undertook the following transactions with Dunedin City Holdings Ltd:

2006 2005
Purchase of subvention expense $1.43 million $1.17 million
Dividends paid $14.71 million $7.31 million

As at 31 March 2006, $1.193 million of subvention was outstanding (2005: $0.825 million).

No related party transactions took place at a nominal or nil value. No related party debts have been written-off or forgiven during the period.

During the year, the Lines Business also undertook the following transactions with Dunedin City Council:

Amount
Rates paid $0.275 million
Under-grounding of street lights $0.008 million


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 156


Gazette.govt.nz — PDF NZ Gazette 2006, No 156




✨ LLM interpretation of page content

🏭 Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Transactions, DELTA Utility Services Ltd, Dunedin City Treasury Ltd, Dunedin City Holdings Ltd, Dunedin City Council