New Zealand Gazette – 2008 – No. 44

Page 1279

✨ Financial Statements Continuation

Notes to the Consolidated Financial Statements Continued

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 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.

13. Related Parties

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

All related party transactions between Electricity Invercargill 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 Electricity Invercargill Limited Line Business and Electricity Invercargill 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:

Electricity Invercargill Limited Line Business purchased from PowerNet Limited Other Business:

	31 March 2007	31 March 2006
	$'000	$'000
Construction of:
▷ Subtransmission assets	-	24
▷ Zone substations	24	135
▷ Distribution lines and cables	202	954
▷ Medium Voltage switchgear	217	239
▷ Distribution transformers	192	322
▷ Distribution substations	32	33
▷ Low voltage reticulation	1,245	551
▷ Other system fixed assets	-	-

These amounts represent the capital works programme undertaken by PowerNet Limited on behalf of Electricity Invercargill Limited.

| Maintenance of assets | - | - |
| Customer connections and disconnections | - | - |

The value of transactions owing at balance date were as follows:

□ Electricity Invercargill Limited Line Business owes PowerNet Limited Other Business $614,000 (2006: $594,000).

No related party debts have been written off or forgiven during 2007 or 2006.

VUW Te Waharoa — NZ Gazette 2008, No 44

Gazette.govt.nz — NZ Gazette 2008, No 44

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

🏭 Electricity Invercargill Limited Line Business Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsElectricity, Financial Statements, Information Disclosure, Invercargill

As the Gazette has been published for more than 185 years, copyright status depends on the publication date of each issue:

1840–1925 (Public Domain): Issues of the New Zealand Gazette and Provincial Gazettes from this period are in the public domain, as the term of Crown copyright (100 years) has expired. Mechanical reproductions (e.g., scanned PDFs) of these public domain documents do not attract new copyright.
1926–1999 (Crown Copyright): Issues from this period remain subject to Crown copyright. Usage of these issues in this project is "Fair Dealing" for research purposes and consistent with the spirit of the open-access principles championed by NZGOAL, ie, "The default licensing position under ... NZGOAL is the Creative Commons Attribution 4.0 International licence ... [t]o the greatest extent possible, agencies should apply this licence to copyright material on their websites"
2000–Present (CC-BY 3.0 NZ): Gazette issues published on gazette.govt.nz are Crown copyright but are explicitly licensed by the Department of Internal Affairs under the Creative Commons Attribution 3.0 New Zealand licence (CC-BY 3.0 NZ). This project redistributes this content in accordance with those terms.

Nothing in this project is intended to infringe copyright, trademark law or personal privacy. Please contact me immediately if you have any concerns.

Third-Party Content

Where third-party content (e.g., notices submitted by external organisations) is identified within the Gazette, users should satisfy themselves regarding the copyright status of that specific content, as it may be subject to different ownership terms than the Gazette itself.

Sources and Attribution

NZ Gazette Sources

The primary sources for the issues of the NZ Gazette indexed by this project are:

New Zealand Gazette Archive, provided by Victoria University Library, copyright 2008 LexisNexis NZ Limited, Crown Copyright of New Zealand Gazette Office
- Issues from 1841-2008, including the New Munster, New Ulster, and Provincial Gazettes
New Zealand Gazettes by New Zealand Legal Information Institute (note: "NZLII is not the copyright owner in the source documents published on NZLII")
- Issues from 1913-1999
Gazette.govt.nz, Crown copyright / licensed by the Department of Internal Affairs under CC-BY 3.0 NZ
- Issues from 2000-2017

Additional Sources

Wellington City Recollect have made available a comprehensive and excellent-quality scan of the Wellington Provincial Gazette which was used to fill in a number of issues missing from Victoria University's Gazette Archive; in particular, all 1856 issues, issues 22-34 for 1864 and issues 9-19 for 1870.
27 issues of The New Zealand Advertiser and Bay of Islands Gazette (1840) were sourced from Papers Past (public domain).
Gazette Extraordinary No. 1 (1840), held at the Alexander Turnbull Library, Wellington, New Zealand. Imaged by Luke Howison at the National Library reading rooms; PDF released into the public domain.

PDF Icon

The PDF PDF Icon was made by Good Ware, CC BY-SA 4.0.

Masthead

The logo in the header is an edited version of “Winning Coat of Arms Competition Entry, 1908” by Archives New Zealand, CC BY 2.0 (found via Wikipedia).

Who made this?

I'm Luke Howison, a freelance web developer with an interest in genealogy. I have created several websites for genealogical research, such as NZ Ancestor Search Helper.

New Zealand Gazette Index