New Zealand Gazette – 1996 – No. 165

Page 4334

✨ Financial Statements Notes



NEW ZEALAND GAZETTE

No. 165

WEL ENERGY GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 1996

1 Revenue

Line Business Energy Business
1996 1995 1996 1995
($000s) ($000s) ($000s) ($000s)
Line rental & electricity sales 44,349 41,436 40,778
Contracting sales 2 163 -
Interest on investments 0 4 33
Other income 185 39 904
Total Revenue 44,536 41,642 41,715

2 Operating Expenditure

Net profit before tax is stated after charging:

Line Business Energy Business
1996 1995 1996 1995
($000s) ($000s) ($000s) ($000s)
Transmission Charges & electricity purchases 12,303 12,782 34,805 36,344
Line losses 1,832 1,913 - -
Wages and salaries 1,918 2,322 884 795
Depreciation 4,725 3,631 98 100
Rental and Operating Lease Costs 26 504 - 145

WEL Energy Group Limited recovers line losses by way of line charges to its customers, accordingly the cost of those losses is charged to the line business.

3 Taxation expense

Line Business Energy Business
1996 1995 1996 1995
($000s) ($000s) ($000s) ($000s)
Profit before taxation 15,877 12,604 4,149 1,683
Tax on profit at 33% 5,239 4,159 1,369 556
Tax effect of permanent differences 866 400 - -
Total taxation expense 6,105 4,559 1,369 556

Represented by:

Line Business Energy Business
1996 1995 1996 1995
($000s) ($000s) ($000s) ($000s)
Deferred income tax liability 417 385 (37) 5
Current taxation provision 5,688 4,174 1,406 551
6,105 4,559 1,369 556

Deferred income tax liability

Line Business Energy Business
1996 1995 1996 1995
($000s) ($000s) ($000s) ($000s)
Balance at the beginning of the year 1,891 1,506 (49) (54)
Current year timing differences 417 385 (37) 5
Balance at the end of the year 2,308 1,891 (86) (49)

The tax effect of timing differences arising from asset revaluations of the distribution system approximating $3,800,000, which would only crystallise on disposal, have not been recognised.



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🏭 Notes to the Financial Statements for WEL Energy Group Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Revenue, Operating Expenditure, Taxation, Deferred Income Tax, Line Business, Energy Business