✨ Corporate Financial Report
1 SEPTEMBER NEW ZEALAND GAZETTE 2549
Horowhenua Energy Limited and Subsidiaries - Annual Report 1999
3. Taxation
| 1999 $000 | 1998 $000 | |
|---|---|---|
| Profit before taxation | 2,546 | 866 |
| Prime facie taxation at 33% | 840 | 286 |
| Plus/(less) | ||
| Timing differences not recognised | (619) | (286) |
| Benefit of tax losses | (221) | - |
| Taxation expense (benefit) | $- | $- |
The company has a potential deferred tax liability net of future tax benefits of $4,084,139 (1998 - $5,451,610) which is not recognised in the financial statements. This balance is made up of a deferred tax liability of $7,107,979 (1998 - $7,511,191) which arises mainly from the revaluation of assets for accounting purposes, and a future tax benefit of $3,023,840 (1998 - $2,059,581). These balances are not expected to crystallise and therefore have not been recorded in the financial statements.
The future tax benefit above comprises the benefit of tax losses available to carry forward of $2,937,990 (1998 - 1,903,879) and the benefit of other timing differences of $85,850 (1998 - $155,702).
The carrying forward of tax losses is subject to continuing to meet shareholder continuity requirements under the Income Tax Act 1994.
The company has no imputation credits to carry forward as at 31 March 1999.
4. Dividend
| 1999 $000 | 1998 $000 | |
|---|---|---|
| Proposed dividend on ordinary shares | 9 | - |
| Interim Dividend Paid | 152 | - |
| $161 | $- |
An interim dividend of $151,864 was paid in January (1998 - Nil) and there is a proposed final dividend of $8,764 (1998 - Nil).
5. Share capital
| 1999 $000 | 1998 $000 | |
|---|---|---|
| 30,000,000 fully paid ordinary shares | $30,000 | $30,000 |
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VUW Te Waharoa —
NZ Gazette 1999, No 107
NZLII —
NZ Gazette 1999, No 107
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Financial and Performance Disclosure by Horowhenua Energy Limited
(continued from previous page)
🏭 Trade, Customs & Industry28 May 1999
Electricity, Financial Disclosure, Performance Measures, Horowhenua Energy Limited, Revenue, Expenditure, Taxation, Dividends, Share Capital