✨ Financial Statements
VECTOR Limited
Electricity Lines Business
Notes to the Financial Statements
For the year ended 31 March 2003
| Notes | 2003 $'000 | 2002 $'000 |
|---|
22. ACQUISITION OF UNITEDNETWORKS LIMITED - CONTINUED
DISPOSAL OF EASTERN ELECTRICITY LINES ASSETS
In November 2002 UnitedNetworks Limited disposed of their Eastern Electricity lines assets.
Summary of the effect of disposal of Eastern Electricity lines assets
Assets and liabilities disposed of:
| Notes | 2003 $'000 | |
|---|---|---|
| Goodwill | 23 | 239,068 |
| Net current assets | 3,868 | |
| Property, plant and equipment | 535,372 | |
| 778,308 | ||
| Disposal costs | (805) |
Net cash impact of disposal | 777,503 |
23. INTANGIBLE ASSETS
Goodwill
| Notes | 2003 $'000 | |
|---|---|---|
| Balance at beginning of year | - | |
| Acquired in the financial period | 22 | 841,772 |
| Disposal of goodwill | 22 | (239,068) |
| Amortisation in the financial period | 2 | (15,730) |
| Balance at end of year | 586,974 |
An amortisation period of twenty years has been adopted in respect of goodwill arising on consolidation.
24. EVENTS AFTER BALANCE DATE
Effective from 1 July 2003, UnitedNetworks Limited was amalgamated with VECTOR Limited.
No adjustments are required to these financial statements in respect of the amalgamation of these companies.
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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
(continued from previous page)
🏭 Trade, Customs & Industry31 March 2003
Electricity, Financial Statements, Related Party Transactions, Dividends, Segment Information, Acquisition, UnitedNetworks Limited