New Zealand Gazette – 2000 – No. 110

Page 2753

✨ Financial Statements



25 AUGUST NEW ZEALAND GAZETTE 2753

Notes to the Financial Statements

For the year ended 31 March 2000

2000 1999
$000 $000

10. SHARE CAPITAL

Ordinary class A shares
Opening 146,525 (113,219)
Capital adjustment* 153,475 259,744
300,000,000 issued and fully paid shares 300,000 146,525

Ordinary class B shares
B class changed to A class 31 August 1999 - -

Ordinary class C shares
6 issued and deemed fully paid shares - -

                                         300,000    146,525

The ordinary class A shares can only be held by the Auckland Energy Consumer Trust and may only be dealt with pursuant to the Trust Deed.
The ordinary class A shares and the ordinary class C shares are voting securities.
The ordinary class A shares have 75% of the voting entitlement and C class shares have 25% voting entitlement

*Divestment activities as required by the Electricity Industry Reform Act 1998 were substantially completed by 31 March 2000. With the divestment substantially complete the capital of the line business going forward is $300,000,000 which is the entire share capital of VECTOR Limited.

11. RESERVES

Asset revaluation
Balance at beginning of year 417,559 419,979
Transfer to retained earnings on disposal of revalued assets - (17,229)
Increase arising from revaluation of distribution systems - 14,809
Balance at end of year 417,559 417,559

12. RETAINED EARNINGS

Balance at beginning of year 23,262 (7,115)
Net surplus for the period 41,602 22,724
Transfer from asset revaluation reserve - 17,229
Net surplus attributable to the shareholders of the company 64,864 32,838
Dividends (45,053) (9,576)
Balance at end of year 19,811 23,262

13. TERM LIABILITIES

Repayable: Interest rates:
Within one year 6.3% -
Two to five years 7.1% to 10.3% 104,810 175,810

                                        104,810    175,863

Less current portion of term liabilities - 53
Total term liabilities 104,810 175,810

Other debt issued of $0.0 million (1999: $175.8 million) is secured by way of negative pledge over the assets of the company. The classification of $0 million (1999: $71.0 million) of debt as term liabilities is based on the availability of a 60 month facility which was undrawn at balance date.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 110


Gazette.govt.nz — PDF NZ Gazette 2000, No 110




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🏭 Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Share Capital, Reserves, Retained Earnings, Term Liabilities