15. Investments 15.1 Investment in joint venture
INVESTEE
INVESTMENT TYPE PRINCIPAL ACTIVITY COUNTRY OF INCORPORATION
EQUITY INTEREST HELD
2023
2022
Vector metering NZ HoldCo Limited Joint venture AU HoldCo Limited Joint venture
50% 50%
Holding company New Zealand Holding company Australia
– –
2023 $M
2022 $M
NOTE
Carrying amount of joint venture Balance at 1 July
–
–
Fair value recognised through sale of 50% interest in Vector metering
498.4 229.0 727.4
5 5
– – –
Shareholder loans Balance at 30 June
Policies
A joint venture is where Vector shares joint control over an entity or group of entities, and has rights to the net assets of the arrangement. Investments in joint ventures are accounted for using the equity method. Vector’s retained interest in Vector metering now consists of a 50% ownership of NZ HoldCo Limited and AU HoldCo Limited respectively, which is jointly controlled with QIC Private Capital Pty Limited (QIC). Vector has assessed that the contractual arrangement governing Vector metering meets the criteria of a joint venture.
Vector metering
Shareholder loans
The shareholder loans receivable from the joint venture are carried at amortised cost.
15.2 Investment in private equity
INVESTEE
PRINCIPAL ACTIVITY
COUNTRY OF INCORPORATION
EQUITY INTEREST HELD
2023
2022
mPrest Systems (2003) Limited Technology development
Israel
8.1%
8.1%
2023 $M
2022 $M
Fair value of investment Balance at 1 July
12.2
12.3
(3.4)
Fair value movement recognised in OCI
(0.1)
Balance at 30 June
8.8
12.2
Policies
The investment is accounted for as a financial asset at fair value through other comprehensive income (“OCI”) on the Balance Sheet. Fair value of the investment is determined using the discounted cash flow method. Refer to note 20 for details on the significant unobservable inputs used in measuring the fair value and related sensitivity analysis.
82
Vector Annual Report 2023
Made with FlippingBook flipbook maker