New Zealand Gazette – 1997 – No. 141

Page 3272

✨ Financial Statements



4.2 TAX EFFECT OF TIMING DIFFERENCES

Deferred tax is not recognised in the financial statements as timing differences are not expected to reverse in the foreseeable future. The main timing difference relates to holiday pay accrued for accounting purposes but not deductible. If deferred tax was established there would be a deferred tax asset of $97,000 (1996 $90,000).

4.3 IMPUTATION CREDIT ACCOUNT

(Marlborough Electric Ltd, Total Company)

Year Ended 31 March 1997 Year Ended 31 March 1996
$ $
Balance at Beginning of Year 3,551,871 2,080,021
Imputation credits attached to dividends paid in the year (701,866) (591,045)
Imputation credits attached to dividends received 211,791
Income tax payments during the year 2,003,259 2,062,895
Balance at End of Year 5,065,055 3,551,871

5. EARNINGS PER SHARE

Earnings per share is calculated by dividing the company’s net surplus by the average number of shares on issue during the year.

1997 1996
Average number of shares on issue 28,000,000 28,000,000
Net surplus per share (Total company activities) 13.22 cents 12.7 cents

6. SHARE CAPITAL

6.1 Marlborough Electric’s shares are held by the trustees to the Marlborough Electric Power Trust.

6.2 Share Capital

Issued and Paid up Capital

28,000,000 ordinary shares of $1 each

1997 1996
Network 8,736,142 8,736,142
Generation 16,047,638 16,047,638
Energy Trading and Other 3,216,220 3,216,220
Total Business 28,000,000 28,000,000

NEW ZEALAND GAZETTE

No. 141



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✨ LLM interpretation of page content

🏭 Financial Statements of Marlborough Electric Limited (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Operating Surplus, Taxation, Generation Operations, Revenue, Expenses, Marlborough Electric Limited