New Zealand Gazette – 2006 – No. 161

Page 4693

✨ Financial Statements and Related Party Transactions



1 DECEMBER 2006 NEW ZEALAND GAZETTE, No. 161 4693

(Notes to the Consolidated Financial Statements Continued)

13. RELATED PARTIES

The parties to the OtagoNet Joint Venture consist of Marlborough Lines Limited, Electricity Invercargill Limited and The Power Company Limited through their respective subsidiaries Southern Lines Limited, Pylon Limited and Last Tango Limited. All transactions between OtagoNet Joint Venture and its joint venture parties relate to normal trading conditions and have been conducted on an “arms length” basis.

Otago Power Services Limited and OtagoNet Limited have the same ownership as the OtagoNet Joint Venture, and their control is governed by the same Joint Venture Agreement. All transactions between the OtagoNet Joint Venture and Otago Power Services Limited relate to normal trading conditions and have been conducted on an “arms length” basis. OtagoNet Limited was established to hold easement arrangements on behalf of the OtagoNet Joint Venture. There were no transactions between OtagoNet Limited and OtagoNet Joint Venture.

No related party debts have been written off or forgiven during the year.

Goods and Services Provided by Otago Power Services Limited were:

31 March 2006 31 March 2005
$000 $000
Construction of:
Subtransmission assets 119 163
Zone substations 208 213
Distribution lines and cables 1,183 466
Medium voltage switchgear 80 30
Distribution transformers 211 128
Distribution substations 199 33
Low voltage lines and cables 366 76
Other system fixed assets - 34
Maintenance of assets 1,706 1,470
Consumer connections and disconnections - -

Capital work is subject to open tender or competitive pricing.

Maintenance work is charged in accordance with a competitively priced facilities management contract established for a fixed term. The maintenance of assets undertaken by Otago Power Services Limited of $1,706,000 (2005 $1,470,000) is also disclosed in note 15 as operating expenditure (c)(i).

At year end $610,000 (2005 $357,000) was owing to Otago Power Services Limited.

Goods and Services Provided to Otago Power Services Limited were:

31 March 2006 31 March 2005
Rent 28 5

At year end $3,000 (2005 $1,000) was owing by Otago Power Services Limited.

14. ANNUAL VALUATION RECONCILIATION REPORT
System fixed assets at ODV – end of the previous financial year 89,980
Add system fixed assets acquired during the year at ODV 3,190
Less system fixed assets disposed of during the year at ODV (302)
Less depreciation on system fixed assets at ODV (3,445)
Add revaluations of system fixed assets -
System Fixed Assets at ODV – end of the financial year 89,423


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 161


Gazette.govt.nz — PDF NZ Gazette 2006, No 161




✨ LLM interpretation of page content

🏭 OtagoNet Joint Venture Lines Business Financial Statements for the Year Ended 31 March 2006 (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Electricity, Information Disclosure, OtagoNet Joint Venture, Property, Plant and Equipment, Intangibles, Goodwill, Amortisation, FRS36, NZ IFRS, Related Parties, Transactions, Construction, Maintenance, Valuation