✨ Financial Statements
Vector Limited & Subsidiaries
Gas Distribution Activities
Notes to the Financial Statements
For the year ended 30 June 2006
5. NOTIONAL EQUITY
| 2006 | 2005 | |
|---|---|---|
| $000 | $000 | |
| Balance at beginning of the year | 100,473 | 116,595 |
| Movement during the year | 75,001 | (16,122) |
| Balance at end of the year | 175,474 | 100,473 |
Notional equity is determined by adjusting debt and equity balances such that the debt to equity ratio is maintained the same as the Vector group.
6. REVALUATION RESERVE
| 2006 | 2005 | |
|---|---|---|
| $000 | $000 | |
| Asset revaluation | ||
| Balance at beginning of year | - | - |
| Movement on revaluation (net of deferred tax) | 20,123 | - |
| Balance at end of year | 20,123 | - |
7. MINORITY INTEREST
| 2006 | 2005 | |
|---|---|---|
| $000 | $000 | |
| Balance at beginning of the year | - | 14,537 |
| Arising on acquisition of NGC gas distribution business | 14,537 | 12,794 |
| Movement for the year | (14,537) | 1,743 |
| Balance at end of the year | - | 14,537 |
On 14 December 2004 Vector Limited acquired a controlling 66.05% interest in NGC Holdings Limited, a company providing utility services (including gas distribution) in New Zealand. On 10 August 2005, Vector Limited acquired the remaining shares in NGC Holdings Limited. In compliance with the provisions of the Gas (Information Disclosure) Regulations 1997, the accounts have been prepared on the basis that the initial acquisition of NGC Holdings Limited's gas business occurred at the beginning of the previous financial year (1 July 2004) and subsequent acquisition at beginning of the current financial year (1 July 2005).
8. RECEIVABLE AND PREPAYMENTS
| 2006 | 2005 | |
|---|---|---|
| $000 | $000 | |
| Current | ||
| Prepayments and other receivables | 230 | 786 |
| Trade receivables | 5,686 | 3,580 |
| Provision for doubtful debts | (14) | (11) |
| 5,902 | 4,335 | |
| Non-current | ||
| Other receivables | 188 | 250 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 154
Gazette.govt.nz —
NZ Gazette 2006, No 154
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Vector Limited & Subsidiaries Gas Distribution Financial Position
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💰 Finance & RevenueFinancial Statement, Notional Equity, Revaluation Reserve, Minority Interest, Receivables, Prepayments, Gas Distribution, New Zealand