New Zealand Gazette – 2002 – No. 124

Page 3325

✨ Financial Statements



28 AUGUST
NEW ZEALAND GAZETTE
3325

VECTOR Limited
Electricity Lines Business

Notes to the Financial Statements - continued
For the year ended 31 March 2002

2002 $000 2001 $000
6. DEFERRED TAXATION ASSET/(LIABILITY)
Balance at beginning of year 2,618 8,852
On surplus for year (17,697) (6,234)
Deferred tax adjustment on revalued assets (65,000) -
Balance at end of year (80,079) 2,618

During the year the VECTOR group, of which the line business is the predominant activity, has recognised a deferred tax liability of $65 million which relates to changes in accounting policy in relation to a previous revaluation of the network property, plant and equipment. The revaluation reserve has been reduced accordingly.

7. DIVIDENDS

Distributions relating to previous year
Dividends paid on ordinary shares 48,000 33,282
Proposed distributions:
Proposed dividend on ordinary shares - 48,000
Total distributions paid or payable in cash 48,000 81,282
Less proposed dividend in previous year 48,000 33,282
Total - 48,000

The proposed dividend for 2001 and paid in 2002 was partially imputed. The dividend paid in 2001 was partially imputed. Subsequent to balance date, on 22 May 2002, a final dividend of $42.8 million was declared for the year ended 31 March 2002.

8. SHARE CAPITAL

Ordinary class A shares
300,000,000 issued and fully paid shares 300,000 300,000
Ordinary class C shares
6 issued and deemed fully paid shares - -
300,000 300,000

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 ordinary class C shares have 25% voting entitlement.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 124


Gazette.govt.nz — PDF NZ Gazette 2002, No 124




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