NOTES TO THE FINANCIAL STATEMENTS continued
24. Contingent liabilities://
Disclosures
The directors are aware of claims that have been made against entities of the group and, where appropriate, have recognised provisions for these within Note 17 of these financial statements. No material contingent liabilities have been identified.
25. Business combinations://
In the prior year, Vector Energy Solutions Limited and its subsidiary, Vector Contracting Services Limited acquired 100% of the voting shares in E-Co Products Group Limited (“E-Co Products”) and the business and net assets of PowerSmart NZ Limited (“PowerSmart”) respectively. In the prior year, goodwill was recognised based on provisional fair values of the assets and liabilities acquired at the time of acquisition. On the date of acquisition, Vector repaid $15.4 million of E-Co Products’ liabilities. The repayment was treated as a separate transaction. The table below sets out the final fair values of assets and liabilities acquired. The measurement period ended on 31 March 2018, 12 months after acquisition date.
2018 $M
2017 $M
Fair value of net assets acquired at acquisition date Net working capital Property, plant and equipment (including software)
(0.4)
0.9 5.0
5.0
Identifiable intangible assets
45.0
45.0
Deferred tax liability
(11.3) (17.9)
(12.4) (15.4)
Bank debt and other liabilities
Goodwill
70.7 91.1
67.9 91.0
Net assets and liabilities acquired
Cash paid 31 March 2017 Post-acquisition adjustment
92.0
92.0
(0.9)
(1.0)
Total consideration
91.1
91.0
26. Events after balance date://
Approval
The financial statements were approved by the board of directors on 23 August 2018.
Final dividend
On 23 August 2018, the board declared a final and fully imputed dividend for the year ended 30 June 2018 of 8.0 cents per share. No adjustment is required to these financial statements in respect of this event.
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Vector://AR 18
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