New Zealand Gazette – 1994 – No. 128

Page 3832

✨ Financial Statements Notes



3832 NEW ZEALAND GAZETTE No. 128

NOTES TO THE FINANCIAL STATEMENTS

12 months ended
June 1994
$000

1. GROSS INCOME

Sales of electricity 1,230,091
Other sales revenue - subsidiaries 25,785
Sales revenue 1,255,876
Other income 23,167
Total income 1,279,043

2. OPERATING EXPENSES

Expenses include the following:
Audit fees 337
Depreciation 127,339
Directors fees 300
Payments to subsidiaries (note 23) 86,057
Lease and rental costs 3,075

3. NET FINANCE COSTS

Interest paid 363,708
Add: Realised foreign currency losses (gains) (685)
Less: Interest capitalised (R 8,504)
354,519
Less: Investment income 21,144
Total external interest costs 333,375

Less interest earned from non-core business activities 208,258
Less dividends earned from non-core business activities 67,648
Finance income attributable to non-core business activities 275,906
Net finance costs 57,469

4. TAXATION

Profit before taxation 609,422
Prima facie tax at 33% 201,112

Less: Tax effect of permanent differences 24,277
Tax effect of prior year adjustments (7,569)
Taxation charge in statement of financial performance 184,404

Current taxation 186,547
Deferred taxation (note 13) (2,143)
184,404

There are no income tax losses carried forward and available to be set-off against future assessable income.



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🌾 Electricity Corporation of New Zealand Limited Financial Statements (continued from previous page)

🌾 Primary Industries & Resources
Financial statements, Income, Expenses, Profit, Taxation, Dividends, Retained earnings