New Zealand Gazette – 1998 – No. 151

Page 3657

✨ Financial Statements Notes



21 SEPTEMBER NEW ZEALAND GAZETTE 3657

Notes to and Forming Part of the Financial Statements

For the Year Ended 31 March 1998

Operating Surplus Before Taxation for the year ended 31 March 1997

Line Energy 1997 $000 Energy 1997 $000 Other 1997 $000
22,055 2,378 1,686

After Charging

Line 1997 $000 Energy 1997 $000 Other 1997 $000
Energy purchases and transmission 19,034 41,930 9,519
Repairs and maintenance costs 1,517 1,096 426
Personnel costs 7,693 1,096 1,103
Depreciation 4,190 12 1,057
Interest expense (1,588) (1,186) 3,608
Write-down of building value 280 193 99
Bad debts 136 119 59
Loss on sale of fixed assets 11 8 4
Rental and operating lease costs 481 331 171
Audit fees 39 27 14
Other fees paid to auditors 22 16 8
Directors remuneration 110 76 39
Other 105 4,321 6,253

10 TAXATION

Taxation for the year ended 31 March 1998

Line 1998 $000 Energy 1998 $000 Generation 1998 $000 Other 1998 $000
Operating surplus before taxation 17,688 1,073 4,932 8,407
Prima facie taxation @ 33% 5,837 354 1,628 2,774

Plus/(less) tax effect of permanent timing differences:

| | 878 | 21 | 173 | (299) |

| Pre acquisition taxation effect of Egmont Electricity Limited | (953) | (58) | (266) | |

| Deferred taxation | (532) | | (76) | (51) |

| Prior year over provision | | | | (252) |

| Taxation expense | 5,231 | 317 | 1,459 | 2,172 |



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✨ LLM interpretation of page content

🏭 Powerco Limited Financial Statements Certification (continued from previous page)

🏭 Trade, Customs & Industry
11 May 1998
Powerco Limited, Financial Statements, Operating Revenue, Operating Surplus, Sales, Interest Revenue, Dividend Revenue, Energy Purchases, Repairs and Maintenance, Personnel Costs, Depreciation, Interest Expense, Bad Debts, Rental Costs, Audit Fees, Directors Remuneration