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New Zealand Gazette – 2006 – No. 164

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✨ Financial Statements

THE LINES COMPANY LIMITED - LINE BUSINESS ACTIVITY

| | 2006
$000's | 2005
$000's |
|----------------|----------------|----------------|

NOTE 13 : RELATED PARTY TRANSACTIONS

a) The period covered in these statements are 1st April 2005 to 31st March 2006.

b) There are no outstanding balances and no related party debts have been written off.

c) There are two related parties to the Electricity Lines Business of The Lines Company Limited, being the Contracting Division and the Revenue Collection Division. Details of transactions are given below.

Contracting division of The Lines Company Limited

Maintenance work is recorded on the basis of material at cost plus 15% and labour & plant at $45 per hour. Capital expenditure is recorded at ODV values.

Construction of the following types of assets were undertaken for the lines business.

	2006	2005
Construction of Subtransmission Assets	-	523
Construction of Zone Substations	332	200
Construction of Distribution Lines and Cables	3,628	2,198
Construction of Medium Voltage Switchgear	596	537
Construction of Distribution Substations	823	557
Construction of Low Voltage Reticulation	86	22
Construction of Other Assets	97	354
Consumer connections & disconnections	24	97
Maintenance of distribution system	1,492	1,460
	7,077	5,947

Revenue Collection Division of The Lines Company Limited

From the 1 October 2005, billing and revenue collection is carried out for the ELB by the Revenue Collection Division within The Lines Company Limited. Prior to this date revenue was collected on The Line Company behalf by energy retailers, who operated on the network.

For this function a flat monthly fee of $30,000 is charged to the ELB. This quantum of fee is based on commercial arms length basis, as evidenced by a tendering process for this function, which occurred prior to commencement of direct customer billing.

| Billing and Collection Charges | 180 | - |
| | | |

Interest and dividends paid to Waitomo Energy Services Customer Trust

During the year company paid interest (on subordinated debt) and dividends, of the following amounts to its controlling entity, the Waitomo Energy Services Customer Trust.

	2006	2005
Interest Paid	68	61
Dividends paid	197	-
	266	61

VUW Te Waharoa — NZ Gazette 2006, No 164

Gazette.govt.nz — NZ Gazette 2006, No 164

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✨ LLM interpretation of page content

💰 Notes to the Financial Statements for The Lines Company Limited (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Related Party Transactions, Contracting Division, Revenue Collection Division, Interest, Dividends

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