✨ Financial Statements and Related Parties
210 NEW ZEALAND GAZETTE, No. 7 18 JANUARY 2008
(Notes to the Consolidated Financial Statements Continued)
14. RELATED PARTIES
The parties to the OtagoNet Joint Venture consist of Marlborough Lines Limited, Electricity Invercargill Limited and The Power Company Limited through their respective subsidiaries Southern Lines Limited, Pylon Limited and Last Tango Limited. All transactions between OtagoNet Joint Venture and its joint venture parties relate to normal trading conditions and have been conducted on an “arms length” basis.
Otago Power Services Limited and OtagoNet Limited have the same ownership as the OtagoNet Joint Venture, and their control is governed by the same Joint Venture Agreement. All transactions between the OtagoNet Joint Venture and Otago Power Services Limited relate to normal trading conditions and have been conducted on an “arms length” basis. OtagoNet Limited was established to hold casement arrangements on behalf of the OtagoNet Joint Venture. There were no transactions between OtagoNet Limited and OtagoNet Joint Venture.
No related party debts have been written off or forgiven during the year.
Goods and Services Provided by Otago Power Services Limited were:
| 31 March 2007 | 31 March 2006 | |
|---|---|---|
| $000 | $000 | |
| Construction of: | ||
| Subtransmission assets | 166 | 119 |
| Zone substations | 679 | 208 |
| Distribution lines and cables | 1,412 | 1,183 |
| Medium voltage switchgear | 34 | 80 |
| Distribution transformers | 200 | 211 |
| Distribution substations | 157 | 199 |
| Low voltage lines and cables | 308 | 366 |
| Other system fixed assets | - | - |
Maintenance of assets | 2,330 | 1,706 |
Consumer connections and disconnections | - | - |
Capital work is subject to open tender or competitive pricing.
Maintenance work is charged in accordance with a competitively priced facilities management contract established for a fixed term. The maintenance of assets undertaken by Otago Power Services Limited of $2,330,000 (2006 $1,706,000) is also disclosed in note 16 as operating expenditure (c)(i).
At year end $686,000 (2006 $610,000) was owing to Otago Power Services Limited.
Goods and Services Provided to Otago Power Services Limited were:
Rent | 30 | 28 |
At year end $3,000 (2006 $3,000) was owing by Otago Power Services Limited.
15. ANNUAL VALUATION RECONCILIATION REPORT
| System fixed assets at ODV – end of the previous financial year | 89,423 | 89,980 |
| Add system fixed assets acquired during the year at ODV | 4,252 | 3,190 |
| Less system fixed assets disposed of during the year at ODV | (242) | (302) |
| Less depreciation on system fixed assets at ODV | (3,769) | (3,445) |
| Add revaluations of system fixed assets | - | - |
System Fixed Assets at ODV – end of the financial year | 89,664 | 89,423 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 7
Gazette.govt.nz —
NZ Gazette 2008, No 7
✨ LLM interpretation of page content
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OtagoNet Joint Venture Financial Statements
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial statements, Related Parties, Goods and Services, Construction, Maintenance
🏭 Annual Valuation Reconciliation Report
🏭 Trade, Customs & IndustryValuation, Reconciliation, System Fixed Assets, ODV, Depreciation