New Zealand Gazette – 1997 – No. 113

Page 2652

✨ Financial Statements



2652 NEW ZEALAND GAZETTE No. 113

  1. TAXATION RECONCILIATION STATEMENT

    i) The difference between the effective tax rate and the income tax rate of 33% is attributed to the following items:

    1997 Total $000 1997 Line $000 1997 Energy $000 1996 Total $000 1996 Line $000 1996 Energy $000
    Net earnings before taxation 2,441 1,874 567 2,308 2,207 101
    Prima facie tax payable at 33% 806 620 186 762 729 33
    Tax effect of permanent differences - expenses not deductible 4 3 1 3 2 1
    - prior year adjustments 0 0 0 94 94 0
    - capital profits on sale of assets 8 6 2 (20) (15) (5)
    INCOME TAX EXPENSE 818 629 189 839 810 29

    ii) The taxation charge comprises -

    1997 Total $000 1997 Line $000 1997 Energy $000 1996 Total $000 1996 Line $000 1996 Energy $000
    - current taxation 731 542 189 724 695 29
    - future tax benefit 87 87 0 115 115 0
    INCOME TAX EXPENSE 818 629 189 839 810 29

    iii) Tax Reconciliation statement:

    1997 Total $000 1997 Line $000 1997 Energy $000 1996 Total $000 1996 Line $000 1996 Energy $000
    Income Tax expense as per accounts 818 629 189 839 810 29
    Liability brought forward (291) (278) (13) 219 197 22
    Tax effect of timing differences (62) (58) (4) (92) (92) 0
    Prior period adjustments 0 0 0 0 0 0
    Terminal and Provisional tax paid (562) (367) (195) (1,262) (1,197) (64)
    CURRENT INCOME TAX PAYABLE (97) (74) (23) (291) (278) (13)

    iv) Future tax benefit -

    1997 Total $000 1997 Line $000 1997 Energy $000 1996 Total $000 1996 Line $000 1996 Energy $000
    Opening balance 607 607 0 258 258 0
    Future tax benefit of current tax (63) (63) 0 4 4 0
    Prior period adjustments 0 0 0 345 345 0
    FUTURE TAX BENEFIT 544 544 0 607 607 0

    v) Imputation credits
    The following imputation credits are available for distribution to shareholders:

    1997 Total $000 1997 Line $000 1997 Energy $000 1996 Total $000 1996 Line $000 1996 Energy $000
    Opening balance 2,235 2,169 66 1,146 1,124 22
    Tax paid during the year 562 367 195 1,237 1,173 64
    less credits attached to dividends paid (148) (127) (21) (148) (128) (20)
    Closing balance 2,649 2,409 240 2,235 2,169 66

  2. RECEIVABLES

    1997 Total $000
    Net Trade Debtors 3,945
    Hire Purchase Debtors 529
    Total Receivables 4,474
    1997 Line $000 1997 Energy $000
    Net Trade Debtors 2,014 1,931
    Hire Purchase Debtors 0 529
    Total Receivables 2,014 2,460
    1996 Total $000
    Net Trade Debtors 3,666
    Hire Purchase Debtors 545
    Total Receivables 4,211
    1996 Line $000 1996 Energy $000
    Net Trade Debtors 2,195 1,471
    Hire Purchase Debtors 0 545
    Total Receivables 2,195 2,016

  3. INVENTORIES

    1997 Total $000
    Construction stock 759
    Appliance stock 241
    Work in progress 230
    Total Inventories 1,230
    1997 Line $000 1997 Energy $000
    Construction stock 637 122
    Appliance stock 0 241
    Work in progress 198 32
    Total Inventories 835 395
    1996 Total $000
    Construction stock 896
    Appliance stock 251
    Work in progress 114
    Total Inventories 1,261
    1996 Line $000 1996 Energy $000
    Construction stock 724 173
    Appliance stock 0 251
    Work in progress 82 32
    Total Inventories 805 456


Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1997, No 113


NZLII — PDF NZ Gazette 1997, No 113




✨ LLM interpretation of page content

🏭 Financial Statements for Eastland Energy Limited (continued from previous page)

🏭 Trade, Customs & Industry
8 August 1997
Financial Statements, Electricity, Information Disclosure, Eastland Energy, Accounting Policies, Revenue Recognition, Fixed Assets, Capital Expenditure, Depreciation, Investments, Current Assets, Taxation, Leases, Research and Development, Foreign Currencies, Taxation Reconciliation, Receivables, Inventories