New Zealand Gazette – 1997 – No. 167

Page 4002

✨ Electricity Corporation Financial Notes



NEW ZEALAND GAZETTE

No. 167

Electricity Corporation of New Zealand Limited

Notes to the Financial Statements

5. Taxation expense continued

The taxation expense is represented by:

1997 $M 1996 $M
Tax payable in respect of the current year 123 224
Deferred taxation (note 12) (12) (63)
Total 111 161

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

Imputation credit account

1997 $M 1996 $M
Imputation credits at start of the year 576 356
Plus: Income tax paid 131 216
Imputation credits attached to dividends received 1 2
Other credits - 2
Transfers to subsidiaries (4) -
Imputation credits at end of the year 704 576

6. Dividends

Ordinary shares:

1997 $M 1996 $M
Interim dividend paid 81 103
Final dividend recommended by directors (note 10) 67 140
Total ordinary dividends 148 243

Special dividend paid

1997 $M 1996 $M
158 1,173

Total dividends paid or provided

1997 $M 1996 $M
306 1,416

7. Current assets

1997 $M 1996 $M
Cash 8 -
Short term deposits 1 7
Fuel stocks 39 38
Consumable spares 12 12
Prepayments 2 4
Accounts receivable 176 171
Subsidiary companies - 5
Taxation receivable 5 -
Other current assets 3 14
Total current assets 246 251

8. Term assets

1997 $M 1996 $M
Investment in subsidiaries 48 32
Resource consents 8 -
Other term assets 3 2
Total term assets 59 34


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✨ LLM interpretation of page content

🏭 Electricity Corporation Financial Position (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Financial Statement, Revenue, Finance Costs, Taxation