✨ Financial Statements
NEW ZEALAND GAZETTE
No. 156
BAY OF PLENTY ELECTRICITY LIMITED
Special Purpose Financial Statements
Electricity (Information Disclosure) Regulations 1994
Notes to the Financial Statements
for the 12 Months ended 31 March 1998
| Network | Generation | Energy Trading | ||||
|---|---|---|---|---|---|---|
| 1998 | 1997 | 1998 | 1997 | 1998 | 1997 | |
| $000 | $000 | $000 | $000 | $000 | $000 |
5 Interest
Comprising:
Gross interest
| | 589 | 500 | 2,428 | 1,557 | 65 | 67 |
Less Capitalised Interest
| | - | - | (743) | (591) | - | - |
Net Interest Expense
| | 589 | 500 | 1,685 | 966 | 65 | 67 |
Net Interest comprises:
Interest Expense
| | 621 | 543 | 1,776 | 1,050 | 68 | 72 |
Interest Income
| | (32) | (43) | (91) | (84) | (3) | (5) |
Net Interest Expense
| | 589 | 500 | 1,685 | 966 | 65 | 67 |
6 Taxation Expense
Taxation expense has been calculated as follows:
Surplus(Deficit) before taxation
| | 4,758 | 3,526 | 5,568 | 7,422 | 711 | 420 |
Income tax on Surplus(Deficit) at 33%
| | 1,570 | 1,164 | 1,837 | 2,449 | 236 | 139 |
Plus/(Less):
Permanent Differences
| | (61) | 217 | 172 | 374 | (7) | 24 |
Taxation Expense
| | 1,509 | 1,381 | 2,009 | 2,823 | 229 | 163 |
Taxation expense comprises:
Current Taxation
| | 1,235 | 1,217 | 1,365 | 2,670 | 221 | (62) |
Deferred Taxation
| | 274 | 164 | 644 | 153 | 8 | 225 |
Taxation Expense
| | 1,509 | 1,381 | 2,009 | 2,823 | 229 | 163 |
7 Deferred Taxation
Opening Balance
| | 324 | 160 | 1,195 | 1,043 | (27) | (252)|
Movement for Year (Note 6)
| | 274 | 164 | 644 | 152 | 8 | 225 |
Balance as at 31 March
| | 598 | 324 | 1,839 | 1,195 | (19) | (27) |
The Group has not recognised deferred taxation on cumulative timing differences of $13,800,381 ($12,017,234 1997) for network assets and $19,070,489 ($19,387,740 1997) for generation assets as these are not expected to reverse in the foreseeable future. The tax effect of the timing differences not recognised is $4,554,126 ($3,965,687 1997) for network and $6,293,261 ($6,397,954 1997) for generation assets.
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VUW Te Waharoa —
NZ Gazette 1998, No 156
NZLII —
NZ Gazette 1998, No 156
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Bay of Plenty Electricity Limited Financial Performance
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