New Zealand Gazette – 2005 – No. 27

Page 645

✨ Financial Statements



Vector Limited

Electricity Lines Business

Notes to the Financial Statements

For the year ended 31 March 2004

Notes 2004 2003
$'000 $'000

6. DEFERRED TAX

Balance at beginning of year
182,261
80,079

Purchase of subsidiary
24
–
95,763

Prior period adjustment
(325)
20,852

On net surplus for the year
23,987
(14,433)

Balance at end of year
205,923
182,261

7. DIVIDENDS

The 2003 final dividend of $32.2 million was paid in August 2003. A 2004 final dividend of $49.1 million was recommended by the Directors of Vector Limited, of which the electricity lines business is the predominant activity, on 30 August 2004 but has not been provided for in these financial statements.

8. NOTIONAL SHARE CAPITAL

Balance at beginning of year
300,000
300,000

Adjustment to notional share capital
(167,000)
–

Balance at end of year
133,000
300,000

Vector Limited’s electricity lines business is not a company and therefore has no share capital. The notional share capital has been determined on the basis that the electricity lines business’ debt / equity ratio be comparable to that of the Vector group, of which the electricity lines business is the predominant activity.

9. ASSET REVALUATION RESERVE

Asset revaluation

Balance at beginning of year
548,407
338,957

Increase arising from revaluation of distribution fixed assets
–
209,450

Balance at end of year
548,407
548,407

10. RETAINED EARNINGS

Balance at beginning of year
87,065
98,343

Net surplus after tax for the year
44,631
31,522

Net surplus attributable to the electricity lines business
131,696
129,865

Dividends
7
(32,200)
(42,800)

Balance at end of year
99,496
87,065



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 27


Gazette.govt.nz — PDF NZ Gazette 2005, No 27




✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for Vector Limited – Electricity Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Operating Expenditure, Interest Expense, Vector Limited, Electricity Lines Business