New Zealand Gazette – 2002 – No. 124

Page 3330

✨ Financial Statements



VECTOR Limited

Electricity Lines Business

Notes to the Financial Statements - continued

For the year ended 31 March 2002

2002 2001
$000 $000

17. COMMITMENTS

Capital expenditure commitments

Estimated capital expenditure contracted for at balance date but not provided for:

| | 9,983 | 7,418 |

Operating lease commitments

2002 2001
Within one year 1,172 1,445
One to two years 1,172 1,316
Two to five years 2,302 3,598
Beyond five years 113 180
4,759 6,539

The majority of the operating lease commitments relate to premises leases. Operating leases held over properties give the VECTOR Group, of which the line business is the predominant activity, the right to renew the lease.

18. CONTINGENT LIABILITIES

Downer Construction has filed a claim against VECTOR Limited, of which the line business is the predominant activity, in respect of variances to the contract for the construction of the Penrose to Auckland CBD tunnel. The directors believe this claim to be significantly inflated. VECTOR Limited, of which the line business is the predominant activity, has lodged a counter claim. A provision has been made to cover the anticipated costs, however, details of this provision are not disclosed as the Board believe that this would prejudice seriously the position of VECTOR Limited, of which the line business is the predominant activity.

19. TRANSACTIONS WITH RELATED PARTIES

During the year VECTOR Limited, of which the line business is the predominant activity, had the following transactions with the Auckland Energy Consumer Trust (AECT), which is the majority shareholder of VECTOR Limited:

2002 2001
Payment of Dividends 48,000 33,300
Payments from AECT 52 Nil

No related party debts have been written off or forgiven during the year.

20. SEGMENT INFORMATION

The line business operates within the electricity sector. All operations are carried out within New Zealand.



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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)

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Revenue, Expenses, Vector Limited, Financial Instruments, Credit Risk, Interest Rate Risk, Currency Risk