New Zealand Gazette – 1998 – No. 152

Page 3680

✨ Financial Statements



3680 NEW ZEALAND GAZETTE No. 152

Notes to and Forming Part of the Financial Statements

For the Year Ended 31 March 1998

10 TAXATION

Taxation for the year ended 31 March 1998

Gas Distribution 1998 $000 Gas Retailing 1998 $000 Other 1998 $000
Operating surplus before taxation 4,162 508 27,431
Prima facie taxation @ 33% 1,374 168 9,052
Plus/(less) tax effect of permanent timing differences (92) (18) 882
Pre acquisition taxation effect of Egmont Electricity Limited (1,276)
Deferred taxation (51) (608)
Prior year over provision (252)
Taxation expense $1,231 $150 $7,798

Taxation for the year ended 31 March 1997

Gas Distribution 1997 $000 Gas Retailing 1997 $000 Other 1997 $000
Operating surplus (deficit) before taxation 2,812 (296) 23,603
Prima facie taxation @ 33% 928 (98) 7,789
Plus/(less) tax effect of permanent timing differences (8) (1) (27)
Deferred taxation (39) 6 (357)
Taxation expense (benefit) $881 ($93) $7,405

Imputation Credit Account

1998 $000 1997 $000
Balance as at 31 March 1997 5,556
5,148
Imputation credits attached to dividends received during the year 450 321
Imputation credits attached to dividends paid during the year (7,188) (8,086)
Income tax payments made during the year 9,779 7,357
Balance as at 31 March 1998 $8,189 $5,148

11 DIVIDENDS

1998 $000 1997 $000
Interim distributions:
- Dividends paid on ordinary shares 6,775 6,774
Proposed distributions:
- Proposed dividend on ordinary shares 11,467 7,819
$18,242 $14,593


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