New Zealand Gazette – 2006 – No. 154

Page 4456

✨ Financial Statements



Vector Limited & Subsidiaries

Gas Distribution Activities

Notes to the Financial Statements

For the year ended 30 June 2006

  1. GOODWILL
2006 2005
$000 $000
Balance at beginning of the year 204,157 140,443
Arising on acquisition of NGC gas distribution business 58,014 73,909
Arising on change of accounting policy - 1,291
Prior period adjustment 31,742 -
Amortisation in the financial year (16,296) (11,486)
Balance at end of the year 277,617 204,157

Goodwill is amortised over a period up to 20 years in accordance with the Vector group’s accounting policy. Goodwill arising on acquisition of the gas distribution business of NGC Holdings Limited and UnitedNetworks Limited has been allocated on the basis of acquired property plant and equipment. The prior period adjustment is in respect of the amendment to the goodwill allocation methodology.

  1. ACQUISITION OF SUBSIDIARY

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 it did not already own. 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). Goodwill arising on acquisition of the gas distribution business of NGC Holdings Limited has been allocated on the basis of acquired property plant and equipment as at acquisition date.



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VUW Te Waharoa — PDF NZ Gazette 2006, No 154


Gazette.govt.nz — PDF NZ Gazette 2006, No 154




✨ LLM interpretation of page content

💰 Vector Limited & Subsidiaries Gas Distribution Financial Position (continued from previous page)

💰 Finance & Revenue
Financial Statement, Property, Plant and Equipment, Valuation, Depreciation, Auckland, Distribution Systems