✨ Financial Statements Notes
3288 NEW ZEALAND GAZETTE No. 135
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
4. DEFERRED TAXATION RECONCILIATION:
| 1998 Network ($000) | 1997 Network ($000) | 1998 Energy ($000) | 1997 Energy ($000) | 1998 Generation ($000) | |
|---|---|---|---|---|---|
| Opening Balance 1 April | 10,799 | 2,267 | - | - | - |
| Deferred tax relating to revaluation | - | 8,110 | - | - | - |
| Current Year Tax Charge Movement | 621 | 422 | - | - | 1,125 |
| Reduction due to changes in accounting policy – prior year | (8,615) | - | - | - | - |
| Correction to prior year balance | 3,877 | - | - | - | 1,006 |
| Closing Balance | 6,682 | 10,799 | - | - | 2,131 |
IMPUTATION CREDIT ACCOUNT:
| 1998 Network ($000) | 1997 Network ($000) | 1998 Energy ($000) | 1997 Energy ($000) | 1998 Generation ($000) | |
|---|---|---|---|---|---|
| Opening Balance 1 April | 15,850 | 15,047 | 4,821 | 4,489 | - |
| Imputation Credits attached to: | |||||
| Dividends received | 3,718 | 2,871 | 1,389 | 1,184 | 75 |
| Taxation paid | 7,657 | 16,908 | 5,356 | 6,974 | 287 |
| Dividends paid | (13,350) | (18,976) | (4,987) | (7,826) | (269) |
| Imputation Credits available to shareholders | 13,875 | 15,850 | 6,579 | 4,821 | 93 |
In respect of the valuation, there is a deferred tax liability for tax depreciation recovered amounting to approximately $20,000,000 (1997: $18,000,000) which would crystallise if all the revalued assets were disposed of for their carrying value. This liability has not been recognised in the financial statements.
The tax effect of timing differences which have not been provided for in the deferred tax account amount to approximately $11,300,000 (1997: Nil) in respect of the Network Business Unit of which $8,600,000 relates to prior years. These timing differences are not expected to crystallise in the foreseeable future.
5. DIVIDEND:
| 1998 Network ($000) | 1997 Network ($000) | 1998 Energy ($000) | 1997 Energy ($000) | 1998 Generation ($000) | |
|---|---|---|---|---|---|
| Dividend Paid | 11,920 | 11,484 | 4,451 | 4,737 | 239 |
| Dividend Proposed | 23,857 | 14,616 | 8,913 | 6,030 | 480 |
| 35,777 | 26,100 | 13,364 | 10,767 | 719 |
6. ISSUED AND PAID UP CAPITAL:
| Issued and paid Up Capital | 1998 Network ($000) | 1997 Network ($000) |
|---|---|---|
| 116,459 | 116,459 | |
| 151,470,220 Issued Shares | ||
| Fully Paid |
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VUW Te Waharoa —
NZ Gazette 1998, No 135
NZLII —
NZ Gazette 1998, No 135
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Notes to Financial Statements
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💰 Finance & RevenueFinancial Statements, Revenue, Expenses, Taxation, Depreciation, Audit Fees, Interest, Directors Fees