Vector Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2005

14. ACCOUNTS RECEIVABLE

| | 2005
$000 | 2004
$000 |
|------------------------|----------|----------|
| Trade receivables | 51,182 | 52,167 |
| Provision for doubtful debts | (602) | (1,760) |
| | 50,580 | 50,407 |
| Other receivables | 2,392 | 2,189 |
| Total | 52,972 | 52,596 |

15. PROPERTY, PLANT AND EQUIPMENT

31 March 2005

| | Cost/
Valuation
$000 | Accumulated
Depreciation
$000 | Net Book
Value
$000 |
|--------------------------------|------------------|----------------------------|-----------------|
| System fixed assets | | | |
| Distribution systems | 1,927,787 | (112,162) | 1,815,625 |
| Distribution land | 51,549 | - | 51,549 |
| Distribution buildings | 36,070 | (2,213) | 33,857 |
| Total system fixed assets | 2,015,406 | (114,375) | 1,901,031 |
| Consumer billing and information system assets | 58,966 | (33,108) | 25,858 |
| Motor vehicles | 126 | (103) | 23 |
| Office equipment | - | - | - |
| Land | 396 | - | 396 |
| Buildings | 34 | (15) | 19 |
| Leasehold improvements | 4,442 | (2,133) | 2,309 |
| Capital works under construction | 70,415 | - | 70,415 |
| Other fixed assets | 2,026 | (1,164) | 882 |
| Total | 2,151,811 | (150,898) | 2,000,913 |

31 March 2004

| | Cost/
Valuation
$000 | Accumulated
Depreciation
$000 | Net Book
Value
$000 |
|--------------------------------|------------------|----------------------------|-----------------|
| System fixed assets | | | |
| Distribution systems | 1,850,952 | (58,159) | 1,792,793 |
| Distribution land | 40,015 | - | 40,015 |
| Distribution buildings | 29,308 | (1,583) | 27,725 |
| Total system fixed assets | 1,920,275 | (59,742) | 1,860,533 |
| Consumer billing and information system assets | 59,155 | (29,197) | 29,958 |
| Motor vehicles | 126 | (99) | 27 |
| Office equipment | - | - | - |
| Land | 1,487 | - | 1,487 |
| Buildings | 34 | (14) | 20 |
| Leasehold improvements | 2,565 | (1,303) | 1,262 |
| Capital works under construction | 81,806 | - | 81,806 |
| Other fixed assets | 1,680 | (936) | 744 |
| Total | 2,067,128 | (91,291) | 1,975,837 |