NOTES TO THE INTERIM FINANCIAL STATEMENTS
3. SIGNIFICANT TRANSACTIONS AND EVENTS Significant transactions and events that have occurred during the six months to 31 December 2018:
Over-recovery of electricity revenue On 7 July 2017, Vector and the Commerce Commission (“the Commission”) agreed the settlement of an over-recovery of electricity revenue by Vector during the regulatory years ended 31 March 2014 and 31 March 2015. The settlement is effected through a $13.9 million (including accumulated interest of $3.8 million) price adjustment for the regulatory years ending 31 March 2019 and 31 March 2020, impacting the group’s reported revenues and interest costs for the financial years ended 30 June 2018 (3 months), and financial years ending 30 June 2019 (12 months) and 2020 (9 months). The estimated impact in the current year ended 30 June 2019 is a $4.3 million decrease in revenue and a $1.5 million increase in interest costs. Vector Limited’s final dividend for the year ended 30 June 2018 of 8.00 cents per share was paid on 14 September 2018, with a supplementary dividend of 1.41 cents per non-resident share. The total dividend paid was $80.0 million. Liquigas Limited, a subsidiary company of the group, paid an interim dividend for the six months ended 31 December 2018 of $0.6 million to the company’s non-controlling interests.
Commerce Commission settlement
Dividends
4. SEGMENT INFORMATION
Segments
Vector reports on three reportable segments in accordance with NZ IFRS 8 Operating Segments . The segments and related policies remain unchanged from those reported in Vector’s 2018 Annual Report. The reported segments are:
Regulated Networks
Auckland electricity and gas distribution services.
Gas Trading
Natural gas and LPG sales, storage and processing, and cogeneration. Metering services, telecommunications and new energy solutions.
Technology
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Vector://IR 19
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