2 OCTOBER NEW ZEALAND GAZETTE 3311

TAURANGA ELECTRICITY LIMITED

2. NET PROFIT BEFORE TAXATION
   After charging:
   • Audit Fees 37,612 18,886 7,383 21,511
   • Depreciation 549,854 406,990 34,832 166,163
   • Directors’ Income 134,092 23,371 44,638 45,746
   • Interest - term loan 243,084 263,512 85,420 0
   • Interest - capital instrument 0 32,369 0 0
   • Lease payments [operating] 16,103 0 1,020 14,089
   • Loss on sale of assets 0 5,359 0 2,119
   • Change in provision for doubtful debts (16,599) (1,051)
   • Doubtful debts written off 18,372 22,453
   • Interest bank overdraft 21,693 1,374

   After crediting:
   • Gain on sale of assets 0 0 0 0
   • Interest received 3,998 34,626 32,964 75,576
   • Lease income 99,585 70,000 5,850 0
   • Purchase rebates PowerBuy 0 60,057
   • Dividend income 0 286

3. TAXATION
   Profit before taxation $562,812 $523,969 $1,106,040 $1,371,708
   Prima facie taxation at 33% 185,728 172,910 364,993 452,663

   Effect of Permanent Differences
   Non deductible expenses 2,259 (152)

   Prior year adjustments
   Current taxation (8,562) 0 (531) 2,602
   Deferred taxation (601) (37)
   Group loss off-set 0 0 (242,834) (141,000)
   TrustPower shares 0 0 0 (825)
   Taxation Expense $178,824 $172,910 $121,439 $313,440

   The taxation charge is represented by:
   Current taxation 148,782 202,514 101,036 315,570
   Deferred taxation 30,042 (29,604) 20,403 (2,130)
   $178,824 $172,910 $121,439 $313,440

   There are no income tax losses or recognised
   timing differences carried forward.

   The accompanying Statement of Accounting Policies and Notes form part of and are to be read in conjunction with these Financial Statements.
   The Financial Statements have been prepared solely for the purpose of complying with Regulations 6[2] and 6[3] of the Electricity [Information Disclosure] Regulations 1994 and are not intended for any other purpose.
   [A:DR96]