New Zealand Gazette – 1998 – No. 123

Page 2963

✨ Financial Statements Notes



KING COUNTRY ENERGY LIMITED AND SUBSIDIARY

NOTES TO THE ANNUAL FINANCIAL STATEMENTS PREPARED IN ACCORDANCE

WITH THE ELECTRICITY INFORMATION DISCLOSURE REGULATIONS 1994

FOR THE YEAR ENDED 31 MARCH 1998

Lines Business 1997/1998 Energy Business 1997/1998 Generation Business 1997/1998 Lines Business 1996/1997 Energy Business 1996/1997 Lines Business 1995/1996 Energy Business 1995/1996
4. INCOME TAX
The amount of Income Tax attributable to the financial period differs from the prima facie tax payable on the net profit before tax. The difference is reconciled as follows:
Net Surplus before Taxation 981,751 (1,603,403) 887,654 1,128,963 (899,810) 771,936 215,358
Taxation thereon at 33% 323,978 (529,124) 292,926 372,558 (296,938) 254,739 71,068
Permanent differences
- Write off non-deductible development costs 9,298 - 19,061 9,197 279,868 2,778 -
- Other - - - 52 (5,535) 66 -
-Under / (Over) Provision in prior year (122,407) - - - - - -
INCOME TAX ATTRIBUTABLE TO OPERATING SURPLUS 210,869 (529,124) 311,987 381,807 (22,605) 257,583 71,068
Comprising:
-Current Tax Provision 334,581 (528,057) 247,601 336,660 (31,400) 278,704 85,229
-Deferred Income Tax Provision (1,305) (1,067) 64,386 45,095 8,795 (21,187) (14,161)
-Over Provision in prior year (122,407) - - 52 - 66 -
INCOME TAX ATTRIBUTABLE TO OPERATING SURPLUS 210,869 (529,124) 311,987 381,807 (22,605) 257,583 71,068

FUTURE INCOME TAX BENEFIT
Balance at beginning of year 107,302 15,754 1,750 152,397 26,299 56,747 6,912
Current year timing differences 1,305 1,067 (64,386) (45,095) (8,795) 95,650 19,387
Balance at end of year 108,607 16,821 (62,636) 107,302 17,504 152,397 26,299

IMPUTATION CREDIT MEMORANDUM ACCOUNT
Balance at beginning of period 636,119 483,354 53,706 346,495 568,003 96,521 498,264


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🏭 King Country Energy Limited Financial Performance (continued from previous page)

🏭 Trade, Customs & Industry
Revenue, Expenses, Sales, Interest, Depreciation, Audit Fees, Directors Fees, Income Tax, Financial Statements