✨ Financial Statements Notes
Vector Limited
Electricity Lines Business
Notes to the Financial Statements
For the year ended 31 March 2004
12. CAPITAL BONDS
On 5 November 2002, Vector Limited, of which the electricity lines business is the predominant activity, 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 certain 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 of Vector Limited 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.
| Notes | 2004 | 2003 |
|---|---|---|
| $000 | $000 |
13. PAYABLES AND ACCRUALS
Current
Trade payables and other creditors | 43,612 | 48,024 |
Provisions | 14 | 2,780 | 513 |
Interest payable | 19,696 | 19,045 |
Mark to market adjustment | 1,957 | 480 |
Employee entitlements | 1,926 | 2,247 |
Balance at end of year | 69,971 | 70,309 |
Non-current
Mark to market adjustment | 2,498 | 6,598 |
Balance at end of year | 2,498 | 6,598 |
14. PROVISIONS
| 2004 | 2003 | |
|---|---|---|
| Balance at beginning of year | 513 | 200 |
| Additions | 3,359 | 393 |
| Used | (1,092) | (20) |
| Reversed | - | - |
| Balance at end of year | 2,780 | 513 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 27
Gazette.govt.nz —
NZ Gazette 2005, No 27
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Notes to the Financial Statements for Vector Limited – Electricity Lines Business
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