New Zealand Gazette – 1998 – No. 146

Page 3526

✨ Financial Statements Notes



3526 NEW ZEALAND GAZETTE No. 146

TRUSTPOWER LIMITED AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 1998

NOTE 4 : INCOME TAX

LINE BUSINESS $'000 ENERGY BUSINESS $'000 GENERATION BUSINESS $'000
(i) Income tax
Operating surplus before taxation 22,033 1,148 6,247
Tax on operating surplus at 33% 7,271 379 2,061
Tax effect of permanent differences 824 43 234
Income tax 8,095 422 2,295
Adjustments from previous year (1,898) (99) (538)
Total income tax 6,197 323 1,757
Represented by:
Current tax 4,896 255 1,388
Deferred tax 1,301 68 369
6,197 323 1,757

| (ii) Provision for tax | | | |
| Balance at beginning of year | 96 | 42 | (181) |
| Current tax | 4,896 | 255 | 1,388 |
| Tax paid | (6,289) | (328) | (1,783) |
| Balance at end of year | (1,297) | (31) | (576) |

| (iii) Deferred tax liability | | | |
| Balance at beginning of year | 108 | 21 | 52 |
| Balance from subsidiary acquired | (414) | (22) | (117) |
| Current year timing differences | 1,301 | 68 | 369 |
| Balance at end of year | 995 | 67 | 304 |

| (iv) Imputation credit memorandum account | | | |
| Balance at beginning of year | 2,843 | 462 | 2,367 |
| Tax paid | 6,289 | 328 | 1,783 |
| Dividends allocated | (6,338) | (330) | (1,797) |
| Balance at end of year | 2,794 | 460 | 2,353 |

NOTE 5 : DIVIDENDS

LINE BUSINESS $'000 ENERGY BUSINESS $'000 GENERATION BUSINESS $'000
Dividends on ordinary shares
Interim dividend paid - cash 7,185 374 2,037
Interim dividend paid - shares - - -
Final dividend proposed 7,067 368 2,004
14,252 742 4,041


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🏭 Notes to the Financial Statements for TrustPower Limited (continued from previous page)

🏭 Trade, Customs & Industry
Income Tax, Dividends, Financial Statements, TrustPower Limited