Vector Annual Report 2023

Notes to the financial statements

15. Investments continued 15.3 Investments in subsidiaries Significant entities and holding companies in the group are listed below.

PERCENTAGE HELD

PRINCIPAL ACTIVITY

2023

2022

Trading subsidiaries NGC Holdings Limited Vector MeterCo Limited Vector Gas Trading Limited

100% 100% 100%

Holding company Holding company

100%

Natural gas trading and processing

100%

60%

Liquigas Limited On Gas Limited

Bulk LPG storage, distribution, and management

60%

100% 100% 100% 100% 100% 100%

LPG sales and distribution

100% 100% 100% 100% 100% 100%

Vector Communications Limited Vector ESPS Trustee Limited Vector Energy Solutions Limited

Telecommunications Trustee company Holding company

PowerSmart NZ Limited

Energy solutions services Energy solutions services

Vector Energy Solutions (Australia) Pty Limited

100% 100%

E-Co Products Group Limited Cristal Air International Limited

Holding company

100% 100%

Ventilation, heating and water systems sales and assembly

100% 100% 100%

Vector Technology Solutions Limited Vector Auckland Property Limited Vector Northern Property Limited Vector Metering Data Services Limited Advanced Metering Assets Limited Advanced Metering Services Limited

Technology services

100% 100% 100% 100% 100% 100% 100% 100%

Assets holding company Assets holding company

– – – – –

Holding company Metering services Metering services Metering services Metering services

Arc Innovations Limited

Vector Advanced Metering Services (Australia) Pty Limited

Non-trading subsidiaries VPS Pacific Limited

100% 100%

Energy solutions services

100% 100%

Vector Advanced Metering Assets (Australia) Limited

Metering services

– –

Ventilation Australia Pty Limited

Holding company

100% 100%

HRV Australia Pty Limited

Ventilation systems and parts sales

Policies

Subsidiaries are entities controlled directly or indirectly by the parent. Vector holds over 50% of the voting rights in all entities reported as subsidiaries. The financial statements of subsidiaries are consolidated into the group’s financial statements. Intra-group balances and transactions between group subsidiary companies are eliminated on consolidation.

Overseas subsidiaries

All subsidiaries are incorporated in New Zealand, except for Vector Energy Solutions (Australia) Pty Limited which is incorporated in Australia.

Disposal group subsidiaries

The companies listed below were included in the disposal group as part of the sale of 50% interest in Vector metering on 30 June 2023. These companies are part of the new Vector metering joint venture, which is recognised in the Vector consolidated financial statements as an investment in joint venture. These companies no longer meet the criteria of subsidiaries for reporting purposes and their respective holdings have been reduced to zero at 30 June 2023.

— Vector Metering Data Services Limited; — Advanced Metering Assets Limited; — Advanced Metering Services Limited; — Arc Innovations Limited; and — Vector Advanced Metering Services (Australia) Pty Limited.

The assets in Vector Advanced Metering Assets (Australia) Limited were part of the disposal group, and the company has been reclassified as non-trading to reflect this at 30 June 2023.

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