New Zealand Gazette – 2008 – No. 29

Page 635

✨ Financial Statements

19 FEBRUARY 2008 NEW ZEALAND GAZETTE, No. 29 635

WEL NETWORKS LIMITED

retailer. This debt is subject to a written agreement and regular credit checks. The lines business does not require any collateral.

Financial Instruments (continued)

(b) Fair Values

The Directors estimate that the carrying amounts of financial instruments in the Statement of Financial Position equal their fair values.

13 Related Party Transactions

The Lines Business has received services from WEL Networks Operations Division. Both entities form part of WEL Networks. All transactions between the two parties are at arms length and at market rates. There have been no transactions at nil or nominal value.

There are no outstanding balances between the two parties. No debts were forgiven or written off.

Details of the transactions are as follows:

| | Line Business |
|--------------------------------|----------------|----------------|
| | 2007 ($000s) | 2006 ($000s) |
| (a) Construction of subtransmission assets | 3,514 | 7,539 |
| (b) Construction of zone substations | 6,882 | 1,955 |
| (c) Construction of distribution lines and cables | 8,415 | 7,051 |
| (d) Construction of medium voltage switchgear | 1,494 | 475 |
| (e) Construction of distribution transformers | 1,106 | 836 |
| (f) Construction of distribution substations | 148 | 398 |
| (g) Construction of Low voltage lines & cables | 3,982 | 3,640 |

WEL Networks was involved in connecting new consumers to its network and the following costs were incurred:

| | Line Business |
|--------------------------------|----------------|----------------|
| | 2007 ($000s) | 2006 ($000s) |
| (h) Relays for new connections | 299 | 947 |
| (i) Consumer connections | 4,458 | 3,840 |
| (j) Maintenance of distribution system | 5,862 | 4,920 |

                                | **38,160**    | **31,601**    |

In some cases estimates have been used to apportion costs between the categories listed above.

VUW Te Waharoa — NZ Gazette 2008, No 29

Gazette.govt.nz — NZ Gazette 2008, No 29

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

🏭 Financial Performance and Equity Movements of WEL Networks Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial statements, Non-current liabilities, Contingencies, Capital commitments, Operating leases, Financial instruments, Credit risk

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