✨ Electricity Corporation Financial Notes
28 NOVEMBER NEW ZEALAND GAZETTE 4001
Electricity Corporation of New Zealand Limited
Notes to the Financial Statements
- Revenue
Continuing activities
Sale of electricity 964 996
Other sales revenue - external 2 -
Other income 24 28
Total revenue from continuing activities 990 1,024
Other sales revenue consists primarily of contracting revenue. Other income consists primarily of ancillary service revenue.
Discontinued activities
Revenue and operating expenses from discontinued activities relate to the eight power stations sold to Contact Energy Limited (Contact) on 1 February 1996 (note 24). Up to 31 January 1996 ECNZ earned the full gross margin from these stations. From 1 February to 30 September 1996 ECNZ sold electricity in relation to these stations on behalf of Contact, at nil margin.
- Net finance costs
Loan interest 101 129
Less: Interest capitalised 3 5
98 124Less: Investment income
Interest from investments 10 15
Dividends received from subsidiaries 6 15
Total investment income 16 30
Net finance costs 82 94
- Profit before taxation
Profit before taxation is stated after charging:
Depreciation 87.0 122.0
Write down of assets 2.2 6.5
Operating lease and rental costs 2.3 2.5
Amounts received by the auditors for:
Auditing the financial statements 0.3 0.3
Other services 1.1 1.0
Directors' fees 0.3 0.4
Bad debts written off - 0.3
Donations 0.1 0.1
Research 3.0 -
- Taxation expense
Profit before taxation 378 498
Prima facie tax at 33% 125 164
Less: Tax effect of:
Permanent differences (13) (2)
Prior year adjustments (1) (1)
Taxation expense in statement of financial performance 111 161
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VUW Te Waharoa —
NZ Gazette 1997, No 167
NZLII —
NZ Gazette 1997, No 167
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Electricity Corporation Financial Position
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🏭 Trade, Customs & IndustryElectricity, Financial Statement, Revenue, Finance Costs, Taxation