New Zealand Gazette – 2008 – No. 4

Page 86

✨ Financial Statements



Network Waitaki Limited Lines Business

Notes to the financial statements for the year ended 31 March 2007 (Continued)

2. Commitments and Contingent Liabilities

There were capital commitments at 31 March 2007 of $109,211 (2006 $597,659).
The Lines Business has no contingent liabilities at the end of the year (2006 Nil).

3. Related Party Transactions

Associated Entity: Networks South Limited

In December 2006 NetCon Limited merged into Networks South Limited and Networks South Limited changed its name to NetCon Limited

  • From 1 April 2006 to 1 December 2006 Network Waitaki paid Networks South Limited $0 (2006 $337,776) on normal commercial terms. No amount was outstanding as at 31 March 2007 (2006 $0). No debts were written off or forgiven and no transactions took place at nil or nominal value. Transactions do not relate to the categories specified in the Disclosure Regulations.

Associated Entity: NetCon Limited

  • NetCon Limited is 50% owned by Network Waitaki Limited and provides asset maintenance and construction services for the network from 1 April 2006 to 31 March 2007. Services were charged on either a fixed price basis or “time and materials” basis.

  • During the year, this charge totalled $4,425,787 (2006 $3,063,585). The outstanding amount as at 31 March 2007 was $774,151 (2006 $788,056) payable on normal commercial terms.

  • No debts were written off or forgiven and no transactions took place at nil or nominal value.

  • During the year capital construction transactions carried out by NetCon totalled the following:

    Year to 31/03/07 $ Year to 31/03/06 $
    Sub transmission assets 0 722,172
    Zone substations 34,748 82,203
    Distribution lines 2,782,734 455,881
    Medium voltage switchgear 0 0
    Distribution transformers 180 0
    Distribution substations 127,478 377,493
    Low voltage lines 166,462 355,358
    Other property, plant & equipment 3,868 182,216

Other transactions totalled:

| Maintenance of System Property, Plant & Equipment | 1,310,316 | 888,262 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 4


Gazette.govt.nz — PDF NZ Gazette 2008, No 4




✨ LLM interpretation of page content

🏭 Network Waitaki Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Commitments, Contingent Liabilities, Related Party Transactions, Network Waitaki Limited, Networks South Limited, NetCon Limited