NOTES TO THE FINANCIAL STATEMENTS
06. Operating expenses://
2017 $000
2016 $000
NOTE
Electricity transmission
212,620 181,744 35,662 85,267 30,331 82,856 16,074 14,438 14,447
3 3
209,740 154,969 19,435 80,649 22,922 76,433 15,052 11,224 14,767
Gas purchases and production
Technology cost of sales
Network and asset maintenance
3
Other direct expenses
Employee benefit expenses Administration expenses
3
Professional fees
IT expenses
Loss/(gain) on disposal of PPE and software intangibles
4,348
4,309
Other indirect expenses
12,180 689,967
12,264 621,764
Total
2017 $000
2016 $000
Fees paid to auditors
Audit or review of financial statements
530 508
539 547
Regulatory assurance
Other audit fees Other services
24 16
24
4
Total
1,078
1,114
Other audit fees
Other audit fees are for the audit of guaranteeing group financial statements, share registry, bond registers and agreed upon procedures required by certain contractual arrangements.
07. Interest costs (net)://
2017 $000
2016 $000
Interest expense Capitalised interest
144,094
169,036
(4,784) (7,110)
(4,901) (2,321)
Interest income
Other
5,072
6,991
Total
137,272
168,805
Policies
Interest costs (net) include interest expense on borrowings and interest income on funds invested which are recognised using the effective interest rate method.
Capitalised interest
Vector has capitalised interest to PPE and software intangibles while under construction at an average rate of 6.5% per annum (2016: 6.3%).
89
Vector://AR 17
Made with FlippingBook Annual report