New Zealand Gazette – 2008 – No. 43

Page 1253

✨ Financial Statements

Concentrations of Credit Risk

The Line Business is exposed to a Concentration of Credit Risk by one significant energy retailer. This entity is considered to be a high credit quality entity.

Foreign Exchange Risk

The Line Business is not exposed to any foreign exchange risk.

Interest Rate Risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Line Business is exposed to normal fluctuations in market interest rates.

Fair Values

The estimated fair value of the Line Business’ financial instruments are represented by the carrying values.

11. Related Parties

The Power Company Limited “Line Business” consists of line activities conducted in The Power Company Limited and its joint venture company PowerNet Limited. The Power Company Limited “Other Business” consists of other or non-line activities conducted in The Power Company Limited and its joint venture company PowerNet Limited.

All related party transactions between The Power Company Limited Line Business and PowerNet Limited Line Business have been eliminated in the preparation of the financial statements.

During the year related party transactions took place between The Power Company Limited Line Business and The Power Company Limited Other Business. All related party transactions have been conducted on a commercial and arms length basis.

The Line Business purchased goods and services at cost, including overheads where applicable, from the Other Business. The value of the transactions, parties involved, and description of goods or services purchased were as follows:

The Power Company Limited Line Business purchased from PowerNet Limited Other Business:

	31 March 2007	31 March 2006
Construction of:	$000	$000
> Subtransmission assets	2,461	2,167
> Zone substations	6,561	2,180
> Distribution lines and cables	3,126	3,309
> Medium voltage switchgear	575	340
> Distribution transformers	1,461	1,172
> Distribution substations	547	862
> Low voltage lines and cables	153	124

The above amounts represent the capital works programme undertaken by PowerNet Limited on behalf of The Power Company Limited.

PowerNet Limited’s Line Business purchased from The Power Company Limited Other Business:

Rent	31 March 2007	31 March 2006
	19	21

VUW Te Waharoa — NZ Gazette 2008, No 43

Gazette.govt.nz — NZ Gazette 2008, No 43

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

🏭 Financial Statements for The Power Company Limited Line Business (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Instruments, Credit Risk, Foreign Exchange Risk, Interest Rate Risk, Fair Values, Related Parties, Power Company Limited, PowerNet Limited

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