New Zealand Gazette – 1996 – No. 117

Page 2953

✨ Financial Statements

13 SEPTEMBER NEW ZEALAND GAZETTE 2953

3. PROVISION FOR TAXATION

	Lines $000		Generation $000		Energy Trading $000
	1996	1995	1996	1995	1996	1995

Accounting Profit/(Loss) before Taxation | 2,748 | 1,309 | 3,441 | 1,619 | 624 | 790 |

Prima Facie Taxation | 907 | 432 | 1,136 | 534 | 206 | 261 |

Effect of Timing Differences:
Financial Depreciation | 660 | 455 | 232 | 408 | 9 | 3 |
Depreciation at Tax Rates | (520) | (488) | (183) | (187) | (7) | (1) |

Effect of Permanent Differences:
Capitalised Maintenance | (321) | 0 | 0 | 0 | 0 | 0 |
Provision for Remedial Work on Patea Dam | 0 | 0 | 297 | 495 | 0 | 0 |
Non-deductible Legal Expenses | 0 | 0 | 145 | 0 | 0 | 0 |

                              | 726        | 399          | 1,627          | 1,250        | 208                | 263          |

Tax losses utilised | 672 | 399 | 1,522 | 1,250 | 189 | 263 |

Tax Charge for the Year | 54 | 0 | 105 | 0 | 19 | 0 |

The cumulative tax losses of Egmont Electricity Limited amounting to $7,217,000 (representing a tax benefit of $2,382,000) brought forward at 1 April 1995 have been fully utilised in the year.

4. CAPITAL RESERVES

	Lines $000		Generation $000		Energy Trading $000
	1996	1995	1996	1995	1996	1995

Share Premium:
Opening Balance | 1,488 | 1,488 | 2,855 | 2,855 | 1 | 1 |
Movements in the year | 0 | 0 | 0 | 0 | 0 | 0 |
| 1,488 | 1,488 | 2,855 | 2,855 | 1 | 1 |

Asset Revaluation Reserve:
Opening Balance | 0 | 0 | 3,288 | 0 | 0 | 0 |
Movements | 4,647 | 0 | 6,412 | 3,288 | 0 | 0 |
| 4,647 | 0 | 9,700 | 3,288 | 0 | 0 |

TOTAL CAPITAL RESERVES | 6,135 | 1,488 | 12,555 | 6,143 | 1 | 1 |

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VUW Te Waharoa — NZ Gazette 1996, No 117

NZLII — NZ Gazette 1996, No 117

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Egmont Electricity Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated23 August 1996
KeywordsFinancial Statements, Accounting Policies, Revenue Recognition, Depreciation, Egmont Electricity Limited

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