New Zealand Gazette – 2002 – No. 124

Page 3326

✨ Financial Statements



VECTOR Limited

Electricity Lines Business

Notes to the Financial Statements - continued

For the year ended 31 March 2002

2002 2001
$'000 $'000

9. RESERVES

Asset revaluation

Balance at beginning of year
405,846
417,559

Decrease arising from revaluation of distribution fixed assets
(1,889)
(11,713)

Deferred tax adjustment on revalued assets
(65,000)

Balance at end of year
338,957
405,846

Subsequent to the revaluation performed as at 31 March 2001 the Commerce Commission approved certain changes, the net impact of which was a devaluation of $1.9 million (0.2%).

10. RETAINED EARNINGS

Balance at beginning of year
35,483
19,811

Net surplus for the period
62,850
63,672

Net surplus attributable to the lines business
98,343
83,483

Dividend

(48,000)

Balance at end of year
98,343
35,483

11. BORROWINGS

Repayable Interest rates 2002 2001
Within one year 7.1% 116,294 26,484
One to two years 7.1% - 104,810
Total 116,294 131,294
Less short-term borrowings 116,294 26,484
- 104,810

Debt issued of $116.3 million (2001: $131.3 million) is secured by way of negative pledge over the assets of the VECTOR group, of which the line business is the predominant activity.

12. ACCOUNTS PAYABLE AND ACCRUALS

2002 2001
Trade payables and other creditors 35,279 30,446
Provisions for claims 13 200
Interest payable 3,404 3,416
Employee entitlements 1,243 1,315
40,126 40,104


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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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🏭 Vector Limited Financial Statements (continued from previous page)

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