✨ Financial Statements
VECTOR Limited
Electricity Lines Business
Notes to the Financial Statements
For the year ended 31 March 2003
| Notes | 2003 | 2002 |
|---|---|---|
| $000 | $000 |
5. DEFERRED TAXATION LIABILITY/(ASSET)
Balance at beginning of year | | 80,079 | (2,618) |
Purchase of subsidiary | 22 | 95,763 | - |
Prior period adjustment | | 20,852 | - |
On net surplus for the year | 3 | (14,433) | 17,697 |
On revaluation of property, plant and equipment | - | - | 65,000 |
Balance at end of year | | 182,261 | 80,079 |
During 2002 the Group recognised a deferred tax liability of $65 million, which relates to changes in accounting policy in relation to a previous revaluation of network property, plant and equipment.
6. DIVIDENDS
Distributions relating to previous year
Dividends paid on ordinary shares | 42,800 | 48,000 |
Total distributions paid or payable in cash | 42,800 | 48,000 |
Less proposed dividend in previous year | - | 48,000 |
Total | 42,800 | - |
The 2002 final dividend of $42.8 million was paid in June 2002. A 2003 final dividend of $32.2 million was recommended by Directors on 21 August 2003 but has not been provided for in these financial statements.
7. SHARE CAPITAL
Ordinary class A shares
300,000,000 issued and fully paid shares | 300,000 | 300,000 |
Ordinary class C shares
Nil (2002: 6) issued and deemed fully paid shares | - | - |
Balance at end of year | 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 are voting securities.
In September 2002 VECTOR Limited repurchased all group C shares. Upon repurchase these shares were cancelled.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 133
Gazette.govt.nz —
NZ Gazette 2003, No 133
✨ LLM interpretation of page content
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Vector Limited Financial Position Statements
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🏭 Trade, Customs & Industry31 March 2003
Electricity, Financial Statements, Deferred Taxation, Dividends, Share Capital, Operating Expenses, Governance Expenses, Auditors Fees, Interest Expense, Income Tax