NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. COMPANY INFORMATION
Reporting entity
Vector Limited is a company incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and listed on the NZX Main Board (NZX). The company is an FMC entity for the purposes of Part 7 of the Financial Markets Conduct Act 2013. Vector’s condensed interim financial statements (the interim financial statements) comply with this Act. The interim financial statements presented are for Vector Limited Group (“Vector” or “the group”) as at, and for the six months ended 31 December 2018. The group comprises Vector Limited (“the parent”), its subsidiaries, and its investments in associates and joint arrangements. Vector Limited is a 75.1% owned subsidiary of Entrust which is the ultimate parent entity for the group. The primary operations of the group are electricity and gas distribution, natural gas and LPG sales, gas processing, metering, telecommunications and new energy solutions. The interim financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP) as applicable to interim financial statements, and as appropriate to profit oriented entities. They comply with NZ IAS 34 Interim Financial Reporting . These interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the group financial statements and related notes included in Vector’s 2018 Annual Report. The interim financial statements for the six months ended 31 December 2018 and 31 December 2017 are unaudited. All financial information is presented in New Zealand dollars ($) and has been rounded to the nearest 100,000, unless otherwise stated. Vector’s electricity and gas businesses are affected by the seasonal demand for energy, which generally increases during periods of colder weather. Accordingly, financial results for the first half of the financial year reported in the interim financial statements are generally more profitable than those of the second half of the year.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
Seasonality
37
Vector://IR 19
Made with FlippingBook Online newsletter