New Zealand Gazette – 2005 – No. 147

Page 3616

✨ Financial Statements



Vector Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2005

15. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

The directors consider that the fair value of the land and buildings is equal to their net book value.

As stated in the statement of accounting policies, interest and other costs are capitalised to property, plant and equipment while under construction. During the year $2.0 million (2004: $1.8 million) of interest and other costs were capitalised.

The system fixed assets were revalued to $1,872 million as at 31 March 2003. Subsequent additions are stated at cost. The basis of valuation was depreciated replacement cost. This valuation was undertaken in conjunction with Meriftec Limited consulting engineers.

16. GOODWILL

2005 2004
$000 $000
Balance at beginning of year 553,798 586,974
Acquired in the year - (3,201)
Arising on change of accounting policy 8,412 -
Amortisation in the financial year (30,320) (29,975)
Balance at end of year 531,890 553,798

Goodwill is amortised over a period up to 20 years in accordance with the Vector group’s accounting policy.

17. PAYABLES AND ACCRUALS

Note 2005 2004
$000 $000
Current
Trade payables and other creditors 54,878 43,612
Provisions 20 148
Interest payable 19,315 19,696
Employees entitlements 1,892 1,926
Total 76,233 68,014

18. OTHER LIABILITIES

2005 2004
$000 $000
Mark to market adjustment
Current 1,422 1,957
Non-current 1,076 2,498
Total 2,498 4,455


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 147


Gazette.govt.nz — PDF NZ Gazette 2005, No 147




✨ LLM interpretation of page content

🏭 Vector Limited's Financial Position (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Property, Plant and Equipment, Goodwill, Payables, Accruals, Liabilities