NOTES TO THE FINANCIAL STATEMENTS
14. Investments:// CONTINUED
14.3 Interest in joint operation
INTEREST HELD
JOINT OPERATION
PRINCIPAL ACTIVITY
BALANCE DATE
2017
2016
Kapuni Energy Joint Venture Cogeneration plant operator 30 June
50%
50%
Policies
A joint operation is where Vector is a party to a joint arrangement, and has rights to the assets and obligations for the liabilities relating to the arrangement. Vector has assessed that the contractual arrangement governing the Kapuni Energy Joint Venture, of which Vector Kapuni Limited is a party, meets the criteria of a joint arrangement, and that the rights and obligations conferred by that contract meet the classification of a joint operation. The interest in the joint operation is reported in the financial statements using the proportionate method.
14.4 Other investments
NZ Windfarms Limited During the year, the group reclassified its investment in NZ Windfarms Limited as a financial asset, measured at fair value through other comprehensive income (“OCI”). The investment was previously treated as an associate. The fair value of the investment is determined by reference to its active market price on the New Zealand Stock Exchange. For disclosure purposes, it is classified as level 1 on the fair value hierarchy, explained further in Note 22. On initial measurement to fair value, a loss of $1.1 million was recognised in profit or loss, as shown in Note 8.
15. Intangible assets://
CUSTOMER INTANGIBLES $000
TRADE NAMES $000
EASEMENTS $000
SOFTWARE $000
GOODWILL $000
TOTAL $000
NOTE
Carrying amount 1 July 2015
15,299 21,742
14,751
51,773
– 1,560,960 1,642,783 – 1,560,960 1,815,435
Cost
14,751 217,982
Accumulated amortisation
(6,443)
– (166,209)
– –
– (172,652)
Transfers from PPE
– – –
34,817 (35,025)
29,528 (1,189)
–
64,345
Sale of discontinued operations
– (298,823)
(335,037) (64,000) (27,716)
Impairment
– –
–
– –
(64,000)
Amortisation for the period Carrying amount 30 June 2016
(2,271) 13,028 21,742 (8,714)
(25,445) 54,667
–
14,543
– 1,198,137 1,280,375 – 1,198,137 1,463,463
Cost
14,543 229,041
Accumulated amortisation
– (174,374)
– –
– (183,088)
Transfers from PPE
–
1,763
24,849
–
26,612
Acquisition of business
28,200
– – –
2,123
16,800
67,868 114,991
27
Disposals
–
(11)
–
– –
(11)
Amortisation for the period Carrying amount 30 June 2017
(2,755) 38,473 49,942 (11,469)
(21,759) 59,869
(209)
(24,723)
16,306
16,591 1,266,005 1,397,244 16,800 1,266,005 1,601,569
Cost
16,306 252,516
Accumulated amortisation
– (192,647)
(209)
– (204,325)
96
Vector://AR 17
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