New Zealand Gazette – 2003 – No. 133

Page 3606

✨ Financial Statements



VECTOR Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2003

Notes 2003 $'000 2002 $'000

8. RESERVES

Asset revaluation

Balance at beginning of year 338,957 405,846
Increase arising from revaluation of distribution fixed assets 209,450 (1,889)
Deferred tax adjustment on revalued assets - (65,000)

Balance at end of year | 548,407 | 338,957

9. RETAINED EARNINGS

Balance at beginning of year 98,343 35,483
Net surplus after tax for the period 31,522 62,860

Net surplus attributable to the electricity lines business | 129,865 | 98,343

Dividend | 6 | (42,800) | -

Balance at end of year | 87,065 | 98,343

10. BORROWINGS

As at 31 March 2003

Weighted average interest rates Total $'000 Repayable within 1 year $'000 Repayable between 1 and 2 years $'000 Repayable between 2 and 5 years $'000 Repayable after 5 years $'000
Bank loans 6.31% 700,864 - - 700,864 -
Working capital loan 6.18% 4,000 4,000 - - -
Medium term notes – fixed rate NZ$ 6.50% 109,792 - - 109,792 -
Medium term notes – floating rate A$ 5.33% 314,155 - - 176,130 138,025
Capital bonds (note 11) 8.25% 288,010 - - 288,010 -
1,416,821 4,000 - 1,274,796 138,025

Unamortised debt costs | | (22,667) | (71) | - | (22,596) | -

Interest rate swaps | | 7,078 | 480 | 6,598 | - | -

Balance at end of year | | 1,401,232 | 4,409 | 6,598 | 1,252,200 | 138,025

Interest rate swaps were acquired as part of the acquisition of UnitedNetworks Limited. These swaps were initially recorded at fair value and are being amortised over the period of the underlying transactions.



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VUW Te Waharoa — PDF NZ Gazette 2003, No 133


Gazette.govt.nz — PDF NZ Gazette 2003, No 133




✨ LLM interpretation of page content

🏭 Vector Limited Financial Position Statements (continued from previous page)

🏭 Trade, Customs & Industry
31 March 2003
Electricity, Financial Statements, Deferred Taxation, Dividends, Share Capital, Operating Expenses, Governance Expenses, Auditors Fees, Interest Expense, Income Tax