New Zealand Gazette – 1996 – No. 111

Page 2831

✨ Financial Statements Notes



NEW ZEALAND GAZETTE

9 SEPTEMBER

TRUSTPOWER LIMITED AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE 12 MONTHS ENDED 31 MARCH 1996

LINE BUSINESS $'000 ENERGY BUSINESS $'000 GENERATION BUSINESS $'000
NOTE 4: INCOME TAX
(i) INCOME TAX
OPERATING SURPLUS BEFORE TAXATION 9,496 1,462 9,058
TAX ON OPERATING SURPLUS AT 33% 3,134 482 2,989
TAX EFFECT OF PERMANENT DIFFERENCES (238) (30) (265)
INCOME TAX 2,896 452 2,724
ADJUSTMENTS FROM PREVIOUS PERIODS (34) (3) (37)
TOTAL INCOME TAX 2,862 449 2,687
REPRESENTED BY:
CURRENT TAX 2,463 400 2,242
DEFERRED TAX 399 49 445
2,862 449 2,687

| (ii) PROVISION FOR TAX |
| BALANCE AT BEGINNING OF PERIOD | (163) | (25) | (155) |
| CURRENT TAX TRUSTPOWER | 2,463 | 400 | 2,242 |
| TAX PAID | (2,722) | (427) | (2,557) |
| BALANCE AT END OF PERIOD | (422) | (52) | (470) |

| (iii) DEFERRED TAX LIABILITY |
| BALANCE AT BEGINNING OF PERIOD | (415) | (51) | (463) |
| CURRENT PERIOD TIMING DIFFERENCES | 399 | 49 | 445 |
| BALANCE AT END OF PERIOD | (16) | (2) | (18) |

| (iv) IMPUTATION CREDIT MEMORANDUM ACCOUNT |
| BALANCE AT BEGINNING OF PERIOD | 1,214 | 187 | 1,158 |
| TAX PAID (TRUSTPOWER) | 2,258 | 348 | 2,154 |
| DIVIDENDS ALLOCATED | (1,575) | (243) | (1,503) |
| OTHER CREDITS | 77 | 12 | 74 |
| BALANCE AT END OF PERIOD | 1,974 | 304 | 1,883 |

NOTE 5: DIVIDENDS

LINE BUSINESS $'000 ENERGY BUSINESS $'000 GENERATION BUSINESS $'000
DIVIDENDS ON ORDINARY SHARES
INTERIM DIVIDEND PAID 1,770 219 1,975
FINAL DIVIDEND PROPOSED 1,713 212 1,910
3,483 431 3,885


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💰 Trustpower Limited Financial Statements (continued from previous page)

💰 Finance & Revenue
Financial Statements, Income Tax, Operating Surplus, Taxation, Deferred Tax, Imputation Credit, Dividends