New Zealand Gazette – 1997 – No. 101

Page 2378

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 101

WESTPOWER LIMITED

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

NOTE 1. INCOME TAX

Lines Business Generation Business Other Businesses
1997 1996 1997 1996 1997 1996
$'000 $'000 $'000 $'000 $'000 $'000

INCOME TAX EXPENSE

Net Surplus before Income Tax | 1,082 | 1,564 | 1,643 | 1,639 | 224 | (155) |
Taxation thereon at 33% | 357 | 515 | 542 | 542 | 74 | (50) |
Tax effect of permanent differences | 14 | 1 | (1) | 0 | (12) | 0 |
Taxation adjustment previous year | 69 | 47 | (638) | 0 | 5 | (2) |
Timing differences not recognised | (622) | (317) | 100 | (333) | (5) | 29 |
Income Tax attributable to Operating Surplus | (182) | 247 | 3 | 209 | 62 | (22) |

Comprising

Current Tax Provision | (251) | 200 | 641 | 210 | 57 | (20) |
Deferred Income Tax provision | 0 | 0 | 0 | 0 | 0 | 0 |
Over provision in prior year | 69 | 47 | (638) | (0) | 5 | (2) |
| (182) | 247 | 3 | 209 | 62 | (22) |

NOTE 2. FIXED ASSETS

Cost/Valuation

| Distribution System | 34,749 | 32,973 | 0 | 0 | 0 | 0 |
| Land | 129 | 127 | 0 | 0 | 53 | 68 |
| Buildings | 994 | 1,102 | 2,986 | 2,937 | 1,018 | 1,333 |
| Generation Plant & Equipment | 0 | 0 | 38,262 | 37,940 | 0 | 0 |
| Other | 3,100 | 2,955 | 174 | 123 | 1,071 | 1,046 |

Total Cost/Valuation | 38,972 | 37,157 | 41,422 | 41,000 | 2,142 | 2,447 |

Accumulated Depreciation

| Distribution System | 33 | 0 | 0 | 0 | 0 | 0 |
| Land | 0 | 0 | 0 | 0 | 0 | 0 |
| Buildings | 115 | 122 | 62 | 12 | 132 | 193 |
| Generation Plant & Equipment | 0 | 0 | 966 | 0 | 0 | 0 |
| Other | 1,529 | 1,551 | 123 | 50 | 622 | 572 |

Total Accumulated Depreciation | 1,677 | 1,673 | 1,151 | 62 | 754 | 765 |

Net Book Value

| Distribution System | 34,716 | 32,973 | 0 | 0 | 0 | 0 |
| Land | 129 | 127 | 0 | 0 | 53 | 68 |
| Buildings | 879 | 980 | 2,924 | 2,925 | 886 | 1,139 |
| Generation Plant & Equipment | 0 | 0 | 37,296 | 37,940 | 0 | 0 |
| Other | 1,571 | 1,404 | 51 | 73 | 449 | 475 |

Total Net Book Value | 37,295 | 35,484 | 40,271 | 40,938 | 1,388 | 1,682 |

NOTE 3. EQUITY

  • Share Capital (issued & fully paid)

    • 25,000,000 ordinary shares | 17,431 | 17,431 | 4,832 | 4,832 | 2,737 | 2,737 |

    • 300,000 7.25% Redeemable Preference Shares | 209 | 209 | 58 | 58 | 33 | 33 |
      Capital Reserve | 22 | 22 | 8 | 8 | 71 | 8 |
      Transition Reserve | 293 | 293 | 80 | 80 | 45 | 45 |
      Asset Revaluation Reserve:

    • Generation | 0 | 0 | 20,091 | 19,532 | 0 | 0 |

    • Distribution | 6,425 | 7,009 | 0 | 0 | 0 | 0 |

    • Others | 0 | 0 | 0 | 0 | 19 | 19 |
      Asset Maintenance Reserve | 33 | 0 | 0 | 0 | 0 | 0 |
      Disaster Fund Reserve | 0 | 0 | 85 | 0 | 0 | 0 |
      Retained Earnings | 4,960 | 3,184 | 4,371 | 3,427 | (342) | (435) |

                                | 29,373  | 28,148  | 29,525 | 27,937 | 2,563  | 2,407  |


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