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New Zealand Gazette – 1998 – No. 115

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✨ Financial Statements

NEW ZEALAND GAZETTE

17 AUGUST

2825

WEL ENERGY GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 March 1998

	Line Business		Energy Business
	1998	1997	1998	1997
	($000s)	($000s)	($000s)	($000s)

1 Revenue

Line rental & electricity sales | 49,995 | 46,675 | 46,321 | 43,268 |
Contracting sales | 83 | - | 22 | 1 |
Interest | 127 | 128 | 5 | 3 |
Other income | 495 | 467 | 783 | 959 |
| 50,700 | 47,270 | 47,131 | 44,231 |

2 Operating Expenditure

Net profit before tax is stated after charging:

Transmission charges & electricity purchases | 12,267 | 11,964 | 40,543 | 37,793 |
Line losses | 2,360 | 2,200 | - | - |
Wages and salaries | 1,720 | 2,049 | 884 | 819 |
Depreciation | 5,757 | 5,309 | 107 | 92 |
Rental and Operating Lease Costs | 26 | 31 | - | 4 |
Interest | 37 | 37 | 1 | 1 |
Write down in investment in associate (note 7) | - | - | 971 | - |

The Group 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 | 20,132 | 17,726 | 2,683 | 3,729 |
Tax on profit at 33% | 6,644 | 5,850 | 885 | 1,230 |
Tax effect of permanent differences | 950 | 955 | - | - |

Total taxation expense | 7,593 | 6,805 | 885 | 1,230 |

Represented by:
Deferred income tax liability | 494 | 125 | - | 97 |
Current taxation provision | 7,099 | 6,680 | 885 | 1,133 |
| 7,593 | 6,805 | 885 | 1,230 |

Deferred income tax liability:

Balance at the beginning of the year | 2,433 | 2,308 | 11 | (86) |
Current year timing differences | 494 | 125 | - | 97 |
Balance at the end of the year | 2,927 | 2,433 | 11 | 11 |

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 1998, No 115

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements by WEL Energy Group Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Revenue, Operating Expenditure, Taxation Expense, WEL Energy Group

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