New Zealand Gazette – 1996 – No. 174

Page 4588

✨ Electricity Corporation Financial Statements



4588 No. 174

NEW ZEALAND GAZETTE

ELECTRICITY CORPORATION OF NEW ZEALAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

1996 $M 1995 $M

4. TAXATION EXPENSE

Surplus before Taxation | 498 | 604 |
Prima Facie Tax at 33% | 164 | 199 |

Tax Effect of:

  • Permanent Differences | (2) | (7) |
  • Prior Year Adjustments | (1) | (1) |

Taxation Expense in Statement of Financial Performance | 161 | 191 |

The Taxation Expense is Represented by:

  • Tax Payable in Respect of the Current Year | 224 | 192 |
  • Deferred Taxation (note 11) | (63) | (1) |
    | 161 | 191 |

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

5. DIVIDENDS

Ordinary Shares

  • Interim Dividend Paid | 103 | 110 |
  • Final Dividend recommended by Directors (note 9) | 140 | 146 |
    | 243 | 256 |

Special Dividend Paid | 1,173 | 600 |
Preference Share Capital and Premium Repaid | - | 800 |

Total Dividends Paid or Provided | 1,416 | 1,656 |

The preference shares were repaid on 1 July 1994 out of the proceeds of the sale of Trans Power New Zealand Limited to the Crown.

The special dividend in 1996 was paid from share premium reserve, using part of the proceeds of the sale of assets to Contact (note 26).

6. CURRENT ASSETS

1996 $M 1995 $M
Short Term Deposits 7 2
Fuel Stocks 38 40
Consumable Spares 12 39
Prepayments 4 21
Accounts Receivable 171 194
Subsidiary Companies 5 16
Other Current Assets 14 22

Total Current Assets | 251 | 334 |



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1996, No 174


NZLII — PDF NZ Gazette 1996, No 174




✨ LLM interpretation of page content

🏭 Electricity Corporation Financial Position (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Taxation Expense, Dividends, Current Assets, Electricity Corporation