New Zealand Gazette – 1994 – No. 125

Page 3681

✨ Financial Statements



28 NOVEMBER NEW ZEALAND GAZETTE 3681

6. TAXATION

1994 12 months $000 30 Jun 1994 $000
Earnings before taxation 118,785
Prima facie tax at 33% 39,199

Tax effect of:

  • timing differences not recognised (20,168)
  • permanent differences (3,196)
Tax payable in respect of the current year 15,835
Over provision in prior years 933
Taxation expense 16,768

The income tax charge is represented by:

  • Tax payable in the current year 15,890
  • Deferred tax (55)

| | 15,835 |

  • Deferred tax liability in respect of timing differences not recognised
30 Jun 1994 $000
Balance at the beginning of the period 187,844
Deferred tax liability not recognised in this period 20,056
Prior period adjustment (12,414)
Balance at the end of the period 195,486

These timing differences predominantly relate to depreciation of fixed assets.

Imputation Credit Account

The balance of the Group’s Imputation Credit Account is $25,000,000 (1993, nil). Provisional tax payments of $25,000,000 have been made by the Group during the year (1993, nil). There have been no other movements in the Imputation Credit Account.

Due to the transfer of ownership on 1 July 1994, the balance of the Group’s Imputation Credit Account has been cancelled.

7. DIVIDENDS

1994 12 months $000
Interim dividend paid - on ordinary shares (paid to ECNZ) 43,033
- on redeemable preference shares (paid to Power Securities Limited) 69,445
Total Dividends Paid and Provided 112,478

8. CURRENT ASSETS

30 Jun 1994 $000
Cash in bank 4,735
Trade receivables 37,566
Trade receivables ECNZ 15,523
Stocks of materials 33,223
Other receivables 32,084

| Prepayments | 223 |
| Total Current Assets | 123,354 |

9. INVESTMENTS

30 Jun 1994 $000
Shares in unlisted companies 1,500
Shares in listed companies 5
Total Investments 1,505

Subsidiaries

Company Name Holding
Fighting Bay Finance Limited 100%
Haywards Limited 100%
Oteranga Bay Limited 100%
Hororata Enterprises Limited 100%
Whakamaru Holdings Limited 100%
Trans Power Finance Limited 100%
Trans Power Land Holdings Limited 100%

All subsidiaries are direct subsidiaries of Trans Power except for Oteranga Bay Limited and Haywards Limited which are wholly owned by Fighting Bay Finance Limited.

The principal activity of all the subsidiaries is financing. All Group companies have the same balance date.

10. FIXED ASSETS

Infrastructure Asset Cost $000 Accumulated Depreciation* $000 Book Value $000
Transmission lines 1,218,593 172,659 1,045,934
Less loss of service potential adjustment (17,580)
1,218,593 172,659 1,028,354
Non Infrastructure Asset Cost $000 Accumulated Depreciation $000 Book Value $000
Freehold land 31,652 0 31,652
Freehold buildings 85,605 17,067 68,538
Substations 1,058,788 212,729 846,059
HVDC link 585,883 104,143 481,740
HVDC leased asset 233,176 17,250 215,926
Communications 162,689 42,333 120,356
Minor assets 28,320 15,316 13,004
Capital work in progress 64,776 0 64,776
2,250,889 408,838 1,842,051

| Total Fixed Assets | 3,469,482 | 581,497 | 2,870,405 |

  • Depreciation on infrastructure assets ceased with effect from 31 March 1993. Thus accumulated depreciation records the amount of depreciation up until 31 March 1993.
30 Jun 1994 $000
Latest valuation by a Government or registered valuer of land and buildings 84,895

11. CURRENT LIABILITIES

30 Jun 1994 $000
Bank overdraft 1,421


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✨ LLM interpretation of page content

💰 Trans Power New Zealand Limited Financial Statements (continued from previous page)

💰 Finance & Revenue
Taxation, Earnings, Depreciation, Dividends, Assets, Liabilities, Investments