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New Zealand Gazette – 1997 – No. 97

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✨ Financial Statements

2266 No. 97

NEW ZEALAND GAZETTE

WEL ENERGY GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 1997

	Line Business		Energy Business
	1997	1996	1997	1996
	($000s)	($000s)	($000s)	($000s)

1 Revenue

Line rental & electricity sales | 46,675 | 44,349 | 43,268 | 40,778 |
Contracting sales | - | 2 | 1 | - |
Interest | 128 | 0 | 3 | 33 |
Other income | 467 | 185 | 959 | 904 |
| 47,270 | 44,536 | 44,231 | 41,715 |

2 Operating Expenditure

Net profit before tax is stated after charging:

Transmission Charges & electricity purchase | 11,964 | 12,303 | 37,793 | 34,805 |
Line losses | 2,200 | 1,832 | - | - |
Wages and salaries | 2,049 | 1,918 | 819 | 884 |
Depreciation | 5,309 | 4,725 | 92 | 98 |
Rental and Operating Lease Costs | 31 | 26 | 4 | - |
Interest | 37 | - | 1 | - |

WEL Energy Group Limited recovers line losses by way of line charges to its customers. Accordingly the cost of those losses is charged to the line business.

3 Taxation expense

Profit before taxation | 17,726 | 15,877 | 3,729 | 4,149 |
Tax on profit at 33% | 5,850 | 5,239 | 1,230 | 1,369 |
Tax effect of permanent differences | 955 | 866 | - | - |
| 6,805 | 6,105 | 1,230 | 1,369 |

Represented by:
Deferred income tax liability | 125 | 417 | 97 | (37) |
Current taxation provision | 6,680 | 5,688 | 1,133 | 1,406 |
| 6,805 | 6,105 | 1,230 | 1,369 |

Deferred income tax liability

Balance at the beginning of the year | 2,308 | 1,891 | (86) | (49) |
Current year timing differences | 125 | 417 | 97 | (37) |
Balance at the end of the year | 2,433 | 2,308 | 11 | (86) |

The tax effect of timing differences arising from asset revaluations of the distribution system approximating $3,800,000, which would only crystallise on disposal, have not been recognised.

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VUW Te Waharoa — NZ Gazette 1997, No 97

NZLII — NZ Gazette 1997, No 97

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✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for WEL Energy Group Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsAccounting Policies, Financial Statements, Electricity, WEL Energy Group, Fixed Assets, Depreciation, Line and Energy Business Split

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