3. Significant transactions and events CONTINUED Debt programme
On 14 January 2019, the group repaid $285.6 million (GBP $115.0 million) of medium-term notes using existing facilities. On 27 May 2019, the group raised $250.0 million of unsubordinated bonds with a fixed rate of 3.45% maturing on 27 May 2025. During the year ended 30 June 2019, the group drew down a net of $285.0 million (2018: $15.0 million) from the bank facilities. 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. Vector Limited’s interim dividend for the year ended 30 June 2019 of 8.25 cents per share was paid on 11 April 2019, with a supplementary dividend of 1.46 cents per non-resident share. The total dividend paid was $82.5 million. Liquigas Limited, a subsidiary of the group, paid an interim dividend in December 2018 of $0.6 million and a final dividend in June 2019 of $1.0 million to the company’s non-controlling interests. Vector reports on three reportable segments in accordance with NZ IFRS 8 Operating Segments . These segments are reported internally to the group chief executive and the Board. This reporting is used to assess performance and make decisions about the allocation of resources. The segments are unchanged from those reported in Vector’s annual report for the year ended 30 June 2019. The segments are: Regulated Networks Auckland electricity and gas distribution services. Gas Trading Natural gas and LPG sales, storage and processing, and cogeneration. Technology Metering services, telecommunications and new energy solutions. 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 arms’ length basis. Corporate activities, comprising shared services and investments, earn revenues that are incidental to Vector’s operations and do not meet the definition of an operating segment under NZ IFRS 8. The results for corporate activities are reported in the reconciliations of segment information to the group’s financial statements. Interest costs (net), fair value change on financial instruments and associates (share of net profit/ (loss)) are reported as corporate activities and are not allocated to the segments. 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 2019, the customers contributed $220.4 million (2018: $223.6 million), $172.3 million (2018: $177.2 million) and $164.6 million (2018: $162.7 million) respectively, which is reported across all segments. The measures of segment profit reported to the group chief executive and the Board are earnings before interest and tax and earnings before interest, tax, depreciation and amortisation (EBITDA).
Dividends
4. Segment information Segments
Segment profit
Corporate activities
Major customers
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