✨ Financial Statements
Vector Limited & Subsidiaries
Gas Distribution Activities
Notes to the Financial Statements
For the year ended 30 June 2005
9. MINORITY INTEREST
| Note | 2005 $\000 | 2004 $\000 |
|---|---|---|
| Balance at beginning of the year | - | - |
| Arising on acquisition of NGC gas distribution business | 13 | 12,794 |
| Movement for the year | 1,743 | |
| Balance at end of the year | 14,537 | - |
10. RECEIVABLE AND PREPAYMENTS
| 2005 $\000 | 2004 $\000 | |
|---|---|---|
| Trade receivables | 3,580 | 974 |
| Provision for doubtful debts | (11) | (16) |
| 3,569 | 958 | |
| Prepayments and other receivables | 766 | 75 |
| Total | 4,335 | 1,033 |
11. PROPERTY, PLANT AND EQUIPMENT
30 June 2005
| | Cost/
Valuation $\000 | Accumulated
Depreciation $\000 | Net Book
Value $\000 |
|------------------------|-------------------------------|----------------------------------------|-------------------------|
| Freehold land | 653 | - | 653 |
| Distribution systems | 350,177 | (15,135) | 335,042 |
| Plant, vehicles and equipment | 36,442 | (25,421) | 11,021 |
| Capital work in progress | 7,431 | - | 7,431 |
| Total | 394,703 | (40,556) | 354,147 |
30 June 2004
| | Cost/
Valuation $\000 | Accumulated
Depreciation $\000 | Net Book
Value $\000 |
|------------------------|-------------------------------|----------------------------------------|-------------------------|
| Freehold land | 641 | - | 641 |
| Distribution systems | 218,685 | (6,224) | 212,461 |
| Plant, vehicles and equipment | 33,428 | (20,411) | 13,017 |
| Capital work in progress | 13,604 | - | 13,604 |
| Total | 266,358 | (26,635) | 239,723 |
The property, plant and equipment of the gas distribution business acquired in conjunction with the acquisition of the majority shareholding in NGC included distribution systems (pipelines, compressors and gate stations), other plant, vehicles and equipment, freehold land and buildings and capital work in progress. The total net book value attributable to these assets was $\116.6 million on 1 July 2004. Subsequently the distribution systems assets acquired were restated (an increase of $\5.7 million) to reflect their fair value at that date.
The distribution assets held prior to the acquisition of NGC's gas distribution business were revalued to $\214.2 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 Meritec Limited consulting engineers.
The directors consider that the fair value of the land and buildings is equal to or in excess of 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 $\0.5 million (2004: $\0.3 million) of interest and other costs were capitalised.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 197
Gazette.govt.nz —
NZ Gazette 2005, No 197
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Vector Limited & Subsidiaries Gas Distribution Activities Financial Position
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