New Zealand Gazette – 2008 – No. 38

Page 877

✨ Financial Statements



26 FEBRUARY 2008 NEW ZEALAND GAZETTE, No. 38 877

MAINPOWER NEW ZEALAND LIMITED

Lines Business

Notes to and Forming Part of the Financial Statements

For The Year Ended 31 March 2007

11. Transactions with Related Parties

(i) MainPower Trust

The major related party of MainPower is the MainPower Trust and during the current financial year there were no related party transactions and no related party debts written off or forgiven and no transaction took place at nil or nominal value.

(ii) MainPower Contracting Limited

MainPower Contracting Limited is a wholly owned subsidiary. MainPower Contracting is recognised as a leading power systems contractor, and undertakes a wide range of electricity network construction and maintenance for MainPower and for the contestable power systems contracting market as a whole.

There were no related party debts written off or forgiven and no transaction took place at nil or nominal value.

The amount owing by MainPower New Zealand Limited to MainPower Contracting Limited at balance date was $\$1,174,350$ (2006 $\$877,857$) while the amount owing by MainPower Contracting Limited to MainPower New Zealand Limited at balance date was $\$19,783$ (2006 $\$23,057$). Both amounts are payable on normal trading terms.

MainPower Contracting Limited provides contracting services to MainPower New Zealand Limited, the value of which amounted to $\$8,560,685$ (2006 $\$7,510,427$).

End of year work in progress amounts to $\$40,510$ (2006 $\$184,902$).

The following services were supplied by MainPower Contracting Limited to the Lines Business.

2007 $\$000$ 2006 $\$000$
1. Asset Maintenance 3,599 2,459
2. Meter Maintenance 3 2
3. Load Control Maintenance 29 23
4. Construction of Distribution Substations 323 519
5. Construction of Distribution Transformers 1,387 1,318
6. Construction of Low Voltage Reticulation 26 407
7. Construction of Distribution Lines and Cables 1,141 1,272
8. Construction of Subtransmission Assets 1,096 1,208
9. Construction of Other System Assets 72 29
10. Construction of Medium Voltage Switchgear - -
11. Construction of Zone Substations - -
12. Consumer Connections and Disconnection - -

(iii) VirCom Energy Management Services Limited

VirCom Energy Management Services Limited from time to time will provide contracting services to MainPower New Zealand Limited, the value of which amounted to $\$81,725$ (2006 $\$129,913$).

There were no related party debts written off or forgiven and no transaction took place at nil or nominal value.

The amount owing by MainPower New Zealand Limited to VirCom Energy Management Services Limited at balance date was $\$8,184$ (2006 $\$15,558$) while the amount owing by VirCom Energy Management Services Limited to MainPower New Zealand Limited at balance date was $\$8,563$ (2006 $\$20,524$). Both amounts are payable on normal trading terms.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 38


Gazette.govt.nz — PDF NZ Gazette 2008, No 38




✨ LLM interpretation of page content

🏭 Financial Statements for MainPower New Zealand Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Commerce Act, Electricity Information Disclosure, MainPower New Zealand Limited