✨ Financial Statements
24 SEPTEMBER NEW ZEALAND GAZETTE 3231
Line Business
| 1999 | 1998 | |
|---|---|---|
| ($000s) | ($000s) |
3 Earnings Before Interest & Tax (EBIT)
22,940
4 Taxation
Profit before taxation
23,889 20,132
Tax on profit at 33%
7,884 6,644
Tax effect of permanent differences
1,554 950
Total taxation expense
9,438 7,593
Represented by:
Deferred income tax liability
2,155 494
Current taxation provision
7,283 7,099
9,438 7,593
Deferred income tax liability
Balance at the beginning of the year
2,927 2,433
Current year timing differences
2,155 494
Balance at the end of the year
5,082 2,927
The tax effect of timing differences arising from asset revaluations of the distribution system approximating $8,700,000, which would only crystallise on disposal, have not been recognised.
5 Shareholders Funds
Asset revaluation reserve
82,799 82,799
Retained earnings
19,902 11,523
Other Reserves
121,955 39,903
224,656 134,225
Asset Revaluation Reserve
Balance at the beginning of the year
82,799 63,835
Asset revaluations
-
18,964Balance at the end of the year
82,799 82,799
Retained Earnings
Balance at the beginning of the year
11,523 9,419
Net surplus after tax of the year
14,452 12,539
Dividends
(6,073) (10,435)
Balance at the end of the year
19,902 11,523
Other Reserves
Balance at the beginning of the year
39,903 39,903
Allocation in compliance with Regulations
(refer Statement of Movements in Equity)
82,052
Balance at the end of the year
121,955 39,903
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VUW Te Waharoa —
NZ Gazette 1999, No 134
NZLII —
NZ Gazette 1999, No 134
✨ LLM interpretation of page content
🏭
Notes to the Financial Statements for WEL Energy Group Limited
(continued from previous page)
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