New Zealand Gazette – 2004 – No. 155

Page 3831

✨ Financial Statements

29 NOVEMBER 2004 NEW ZEALAND GAZETTE, No. 155 3831

2.4 NOTES TO THE FINANCIAL STATEMENTS

| | As at 30
June 2004
($000) | As at 30
June 2003
($000) |
| --- | --- | --- |

9 Borrowings

Working capital loan | 11,239 | -
Medium term notes – fixed rate NZ$ | - | 80,963
Medium term notes – floating rate A$ | 231,582 | 231,582
| 242,821 | 312,545

The borrowing repayment terms are:

Payable within 1 year | 11,239 | -
Payable between 1 and 2 years | - | -
Payable between 2 and 3 years | - | -
Payable between 3 and 5 years | 129,836 | 210,799
Payable after 5 years | 101,746 | 101,746
| 242,821 | 312,545

All borrowings are unsecured with all bank loans and medium term notes being subject to negative pledge arrangements.

Medium term notes – floating rate A$ mature April 2008 and April 2011.

Borrowings are classified between current and non-current dependent on repayment dates.

| | As at 30
June 2004
($000) | As at 30
June 2003
($000) |
| --- | --- | --- |

10 Asset revaluation reserve

Opening balance | 39,291 | -
Movement for revaluation of distribution systems | - | 53,669
Movement on amalgamation | (39,291) | -
Deferred tax adjustment on revalued assets | - | (14,378)
Closing balance at end of period | - | 39,291

11 Retained earnings

Opening balance | (640) | 1,108
Transferred from statement of financial performance | (6,324) | (1,748)
Closing balance at end of period | (6,964) | (640)

12 Notional reserves

Opening balance | - | -
Movement for the period | 123,559 | -
Closing balance at end of period | 123,559 | -

Vector’s gas lines business is not a company and therefore has no share capital. The notional reserves are determined on the basis that the gas business’ debt / equity ratio would be comparable to that of the parent company, Vector Limited.

VUW Te Waharoa — NZ Gazette 2004, No 155

Gazette.govt.nz — NZ Gazette 2004, No 155

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

🏭 Vector Limited Gas Information Disclosure (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated17 November 2004
KeywordsFinancial Statements, Borrowings, Asset Revaluation, Retained Earnings, Notional Reserves

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