New Zealand Gazette – 2012 – No. 24

Page 663

✨ Financial Statements Notes



28 FEBRUARY 2012
NEW ZEALAND GAZETTE, No. 24
663

VECTOR LIMITED & SUBSIDIARIES

GAS DISTRIBUTION ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2011

6. NOTIONAL RESERVES

2011 2010
$000 $000
Balance at beginning of the period 253,518 230,998
Net profit for the period 17,807 22,520
Balance at end of the period 271,325 253,518

7. INTANGIBLE ASSETS

COST ACCUMULATED AMORTISATION CARRYING AMOUNT
2011 $000 $000 $000
Goodwill 166,427 - 166,427
Software 13,736 (10,657) 3,079
Other 1,672 (257) 1,415
Total 181,835 (10,914) 170,921
COST ACCUMULATED AMORTISATION CARRYING AMOUNT
2010 $000 $000 $000
Goodwill 166,427 - 166,427
Software 11,507 (8,597) 2,910
Other 1,633 (214) 1,419
Total 179,567 (8,811) 170,756

8. PROPERTY, PLANT AND EQUIPMENT

COST ACCUMULATED DEPRECIATION CARRYING AMOUNT
2011 $000 $000 $000
Distribution systems 475,930 (58,569) 417,361
Plant, vehicles and equipment 6,821 (5,342) 1,479
Capital work in progress 312 - 312
Total 483,063 (63,911) 419,152
COST ACCUMULATED DEPRECIATION CARRYING AMOUNT
2010 $000 $000 $000
Distribution systems 446,682 (48,668) 398,014
Plant, vehicles and equipment 5,318 (4,162) 1,156
Capital work in progress 9,191 - 9,191
Total 461,191 (52,830) 408,361

Interest and other internal costs are capitalised to property, plant and equipment while under construction. Interest is capitalised against property, plant and equipment largely at a capitalisation rate of 7% per annum. During the year $0.4 million (30 June 2010: $0.5 million) of interest and other costs were capitalised.



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🌾 Certification of Financial Statements for Vector Limited (continued from previous page)

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Financial Statements, Performance Measures, Gas Regulations, Certification