New Zealand Gazette – 1999 – No. 147

Page 3518

✨ Financial Statements



3518 NEW ZEALAND GAZETTE No. 147

Notes to and forming part of the financial statements for the year ended 31 March 1999

1999 1998
$000 $000

9. RESERVES

Asset revaluation

Balance as at 1 April 1998 482,605 419,979
Transfer to retained earnings on disposal of revalued assets (17,229) -
Increase arising from revaluation of distribution systems 14,809 (62,626)
Balance as at 31 March 1999 417,559 419,979

10. RETAINED EARNINGS

Balance as at 1 April 1998 (7,115) 35,473
Net surplus (deficit) for the period 22,724 (42,588)
Transfer from asset revaluation reserve 17,229 -
Total available for appropriation 32,838 (7,115)
Dividends (9,576) -
Balance as at 31 March 1999 23,262 (7,115)

11. TERM LIABILITIES

Repayable: Interest rates
Within one year 6.3% 53 -
Two to five years 7.1% to 10.3% 175,810 -
Total term liabilities 175,863 -
Less current portion of term liabilities 53 -
Total term liabilities 175,810 -

Debt issued prior to 1 October 1993 of $0.053 million is secured by a right to levy pursuant to the Auckland Electric Power Board Act 1978.

Other debt issued of $175.8 million is secured by way of negative pledge over the assets of the company. The classification of $71 million of debt as term liabilities is based on the availability of a 60 month facility, which was undrawn at balance date.

12. ACCOUNTS PAYABLE AND ACCRUALS

Trade payables 4,661 -
Other creditors 21,187 34,131
CBD network restoration costs 15,000 108,950
Interest payable 4,014 -
Employee entitlements 2,353 977

                                                     47,215    144,058


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✨ LLM interpretation of page content

🏭 Financial Performance of Vector Limited for the year ended 31 March 1999 (continued from previous page)

🏭 Trade, Customs & Industry
Financial Performance, Revenue, Surplus, Deficit, Tax, Electricity Lines Business