New Zealand Gazette – 2008 – No. 3

Page 66

✨ Financial Disclosures



66 NEW ZEALAND GAZETTE, No. 3 11 JANUARY 2008

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:

2007 $000 2006 $000
Asset maintenance 8,097 7,614
Network management, operation and other 3,827 3,686
Consumer reconnections and disconnections - -
Total 11,924 11,300

Network capital work and development

2007 $000 2006 $000
distribution substations 1,993 978
low voltage rectification 5,142 2,490
distribution lines and cables 5,004 1,882
distribution transformers 2,975 1,704
zone substations 264 357
other plant and equipment 77 87
sub-transmission rectification 190 223
Total 15,645 7,721

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, $4,225,239 was owed to DELTA Utility Services Ltd (2006 : $6,826,500). Of this, $2,182,425 was due and payable on 20 April, while $2,042,814 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 $7.776 million interest (2006 : $7.448 million) and as at 31 March 2007 $104.3 million of loan monies were outstanding (2006 : $107.6 million).

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

2007 2006
Purchase of subvention expense $1.49 million $1.43 million
Dividends paid $6.19 million $14.71 million

As at 31 March 2007, $1.107 million of subvention was outstanding (2006 : $1.193 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:

2007 2006
Rates paid $0.345 million $0.275 million
Under-grounding of street lights $0.155 million $0.008 million


Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 3


Gazette.govt.nz — PDF NZ Gazette 2008, No 3




✨ LLM interpretation of page content

🏭 Aurora Energy Limited Financial Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Notes, Transactions, Related Parties, Asset Maintenance, Capital Work, Loans, Interest, Dividends