✨ Financial Statements Notes
VECTOR LIMITED
Electricity Lines Business
Notes to the Financial Statements
For the year ended 31 March 2004
20. COMMITMENTS
The following amounts have been committed to by Vector group, of which the electricity lines business is the predominant activity, but not recognised in the financial statements.
Capital expenditure commitments
| 2004 | 2003 | |
|---|---|---|
| Estimated capital expenditure contracted for at balance date but not provided | 17,086 | 26,800 |
Operating lease commitments
| 2004 | 2003 | |
|---|---|---|
| Within one year | 1,995 | 4,112 |
| One to two years | 1,879 | 1,709 |
| Two to five years | 5,198 | 1,894 |
| Beyond five years | 4,083 | 2,487 |
| Total | 13,155 | 10,202 |
The majority of the operating lease commitments relate to premises leases. Operating leases held over properties give the Vector group, of which the electricity lines business is the predominant activity, the right to renew the lease.
21. CONTINGENT LIABILITIES
Certain parties have claimed against the Vector group, of which the electricity lines business is the predominant activity. Anticipated liabilities in relation to these claims have been fully accounted for. No other material contingencies requiring disclosure have been identified (2003:nil).
22. TRANSACTIONS WITH RELATED PARTIES
During the year Vector Limited, of which the electricity lines business is the predominant activity, had the following related party transactions:
| 2004 | 2003 | |
|---|---|---|
| Payment of Dividends to AECT | 32,200 | 42,800 |
| Payments from AECT | - | 100 |
| Electricity line services charged to UnitedNetworks Limited | 386 | 348 |
Auckland Energy Consumer Trust (AECT) is the sole shareholder of Vector Limited, of which the electricity lines business is the predominant activity.
No related party debts have been written off or forgiven during the year.
The Vector group, of which the electricity lines business is the predominant activity, transacted on an arms length basis with entities in which Directors had interests, either as Directors or shareholders.
23. SEGMENT INFORMATION
The electricity lines business operates within the electricity distribution sector. All operations are carried out within New Zealand.
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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
✨ LLM interpretation of page content
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Notes to the Financial Statements for Vector Limited – Electricity Lines Business
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Instruments, Fair Values, Cash, Bank Overdraft, Trade Receivables, Trade Payables, Bank Loans, Working Capital Facility, Medium Term Notes, Capital Bonds, Interest Rate Swaps, Cross Currency Swaps
🏭 Capital Expenditure and Operating Lease Commitments
🏭 Trade, Customs & IndustryCapital Expenditure, Operating Leases, Financial Commitments, Vector Group
🏭 Contingent Liabilities
🏭 Trade, Customs & IndustryContingent Liabilities, Claims, Financial Disclosures
🏭 Transactions with Related Parties
🏭 Trade, Customs & IndustryRelated Party Transactions, Dividends, Electricity Line Services, AECT, UnitedNetworks Limited
🏭 Segment Information
🏭 Trade, Customs & IndustrySegment Information, Electricity Distribution, New Zealand Operations