✨ Financial Statements
VECTOR Limited
Electricity Lines Business
Notes to the Financial Statements
For the year ended 31 March 2001
| 2001 | 2000 | |
|---|---|---|
| $000 | $000 |
2. OPERATING EXPENSES
Operating expenses include
Operating line expenses
Payment for transmission charges | 58,568 | 57,027 |
Depreciation on system fixed assets | 19,181 | 19,342 |
Depreciation on other fixed assets | 5,840 | 6,670 |
Total depreciation | 25,021 | 26,012 |
Employee salaries, wages and redundancies | 11,599 | 14,294 |
Consumer billing and information system expense | 1,686 | 1,898 |
Asset maintenance | 21,215 | 16,996 |
Meter data | 14 | |
Net loss on sale of property, plant and equipment | 176 | 1,412 |
Corporate and administration | 2,602 | 4,988 |
Human resource expenses | 923 | 615 |
Marketing/advertising | 1,472 | 1,264 |
Consultancy and legal expenses | 1,608 | 4,150 |
Rental expense on operating leases | 1,508 | 635 |
Total operating line expenses | 126,392 | 129,291 |
Costs of offering credit
Bad debts written off | 673 | 1,359 |
Increase in estimated doubtful debts| (152) | (387) |
Total cost of offering credit | 521 | 972 |
Governance expenses
Directors fees | 207 | 253 |
Director retiring allowances | - | 195 |
Total directors fees | 207 | 448 |
Auditors fees
Audit fees paid to principal auditors | 59 | 57 |
Fees paid for other services provided by principal auditors and other auditors | 199 | 401 |
Audit fees paid to other auditors | - | 15 |
Total auditors fees | 258 | 473 |
Sundry expenses
Donations | 12 | 3 |
AC loss - rentals (distribution to retailers/customers) expense | 2,966 | - |
Local authority rates expenses | 1,790 | 1,453 |
Total sundry expenses | 4,768 | 1,456 |
Other expenditure | (5,187) | 20,416 |
Total operating expenditure | 126,959 | 153,056 |
Operating surplus before interest and income tax | 112,041 | 70,867 |
Interest expense on borrowings/total interest expense | 6,024 | 10,461 |
Operating surplus before income tax | 106,017 | 60,406 |
Income tax | (42,345)| (18,804)|
Net surplus after income tax | 63,672 | 41,602 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 105
Gazette.govt.nz —
NZ Gazette 2001, No 105
✨ LLM interpretation of page content
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Vector Limited Notes to the Financial Statements
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