Notes to the financial statements
3. Significant transactions and events continued
Dividends
Vector Limited’s final dividend for the year ended 30 June 2022 of 8.50 cents per share was paid on 19 September 2022, with a supplementary dividend of 0.45 cents per non-resident share. The total dividend paid was $85.0 million. Imputation credits of 10.5% were attached to the final dividend. Vector Limited’s interim dividend for the year ended 30 June 2023 of 8.25 cents per share was paid on 6 April 2023, with a supplementary dividend of 0.44 cents per non-resident share. The total dividend paid was $82.5 million. Imputation credits of 10.5% were attached to the interim dividend. Liquigas Limited, a subsidiary of the group, paid dividends of $2.4 million to the company’s non-controlling interests during the year ended 30 June 2023. Vector report on two reportable segments in accordance with NZ IFRS 8 Operating Segments . These segments are reported internally to the group chief executive. This reporting is used to assess performance and make decisions about the allocation of resources. The segments are: Regulated Networks Auckland electricity and gas distribution services. Gas Trading Natural gas and LPG sales, storage, and transportation. Since Vector’s Annual Report for the year ended 30 June 2022, Vector has sold a 50% interest in its New Zealand and Australian metering business (Vector metering), which was previously a reportable segment. The remaining investment in Vector metering is now classified as investment in joint venture, and is no longer a reportable segment. Details of the sale of the 50% interest in Vector metering can be found in note 5. The remaining two segments and policies remain unchanged. Segment information is prepared and reported in accordance with Vector’s accounting policies. Intersegment transactions included in the revenues and operating expenses for each segment are on an arm’s length basis.
4. Segment information
Segments
Segment profit
The measures of segment profit reported are earnings before interest and tax (EBIT) and earnings before interest, tax, depreciation, amortisation and impairments (EBITDA). Both are non-GAAP measures that do not have a standardised meaning under NZ IFRS.
Activities not reported in segments
Other activities engaged by the group comprise discontinued operations, shared services and other business activities. Revenues generated by these activities are incidental to Vector’s operations and/or do not meet the definition of an operating segment under NZ IFRS 8. The results for these activities are reported in the discontinued operations note, and the reconciliations of segment information to the group’s financial statements. Interest costs (net), fair value change on financial instruments, gain on sale of investment in associate, and associates (share of net profit/(loss)) are not allocated to the segments.
Geographical information
The group derives the majority of its revenue from external customers in New Zealand.
Major customers
Vector engages with three major customers, each of which contribute greater than ten percent of the group’s revenue. These customers are large energy retailers. For the year ended 30 June 2023, the customers contributed $240.4 million (2022: $236.5 million), $159.1 million (2022: $152.5 million) and $154.5 million (2022: $150.0 million) respectively, which is reported across all segments.
65
Made with FlippingBook flipbook maker