✨ Financial Statements
VECTOR Limited
Electricity Lines Business
Notes to the Financial Statements - continued
For the year ended 31 March 2002
| 2002 | 2001 | |
|---|---|---|
| $000 | $000 |
3. OPERATING EXPENSES - CONTINUED
Meter data | 113 | 14 |
Net loss on sale of property, plant and equipment | - | 176 |
Corporate and administration | 3,256 | 2,602 |
Human resource expenses | 840 | 923 |
Marketing/advertising | 1,143 | 1,472 |
Consultancy and legal expenses | 2,402 | 1,508 |
Rental expense on operating leases | 1,415 | 1,508 |
Total operating line expenses | 129,755 | 126,392 |
Costs of offering credit
Bad debts written off | 868 | 673 |
Increase in estimated doubtful debts | (120) | (152) |
Total cost of offering credit | 748 | 521 |
Governance expenses
Directors fees | 212 | 207 |
Total directors fees | 212 | 207 |
Auditors fees
Audit fees paid to principal auditors| 59 | 59 |
Fees paid for other services provided by principal auditors and other auditors | 337 | 199 |
Total auditors fees | 396 | 258 |
Sundry expenses
Donations | - | 12 |
AC loss - rentals (distribution to retailers/customers) expense | 16,390 | 2,966 |
Local Authority rates and expenses | 2,435 | 1,790 |
Total sundry expenses | 18,825 | 4,788 |
Other Expenditure | (2,800)| (5,187)|
Total operating expenditure | 147,136 | 126,959 |
Operating surplus before interest and income tax | 112,280 | 112,041 |
Interest expense on borrowings/total interest expense | (9,376) | (6,024) |
Operating surplus before income tax | 102,904 | 106,017 |
Income tax | (40,044)| (42,345)|
Net surplus after income tax | 62,860 | 63,672 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 124
Gazette.govt.nz —
NZ Gazette 2002, No 124
✨ LLM interpretation of page content
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Vector Limited Statement of Accounting Policies
(continued from previous page)
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