✨ Financial Statements
3618
NEW ZEALAND GAZETTE, No. 147
30 AUGUST 2005
Vector Limited
Electricity Lines Business
Notes to the Financial Statements
For the year ended 31 March 2005
20. PROVISIONS
| 2005 | 2004 | |
|---|---|---|
| Balance at beginning of year | 2,780 | 513 |
| Additions | - | 3,359 |
| Used | (2,632) | (1,092) |
| Balance at end of year | 148 | 2,780 |
The amounts used in 2005 all related to matters provided for in prior periods.
The balance includes provisions for various commercial matters.
21. COMMITMENTS
The following amounts have been committed to but not recognised in the financial statements.
| 2005 | 2004 | |
|---|---|---|
| Capital expenditure commitments | ||
| Estimated capital expenditure contracted for at balance date but not provided | 46,660 | 17,086 |
Operating lease commitments
| Within one year | 2,565 | 1,995 |
|---|---|---|
| One to two years | 2,410 | 1,879 |
| Two to five years | 7,089 | 5,198 |
| Beyond five years | 2,812 | 2,019 |
| Total commitments | 14,876 | 11,091 |
The majority of the operating lease commitments relate to premises leases. Operating leases held over properties give the lessee the right to renew the lease.
22. CAPITAL BONDS
On 5 November 2002 Vector Limited issued 307,205,000 capital bonds for $307,205,000. The capital bonds have an initial term of four years from the date of issue. The capital bonds are convertible into Vector Limited ordinary shares in limited circumstances and have a principal amount of $1.00 each. The capital bonds are unsecured debt obligations of Vector Limited, which are subordinated to all other creditors presented in these financial statements and are constituted by a trust deed entered into by Vector Limited and The New Zealand Guardian Trust Company Limited as trustee, dated 25 September 2002.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 147
Gazette.govt.nz —
NZ Gazette 2005, No 147
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Vector Limited's Financial Position
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