New Zealand Gazette – 1999 – No. 170

Page 4047

✨ Financial Statements



15 NOVEMBER NEW ZEALAND GAZETTE 4047

Electricity Corporation of New Zealand Limited

Notes to the Financial Statements

5. Taxation expense

1999 1998
$M $M
Profit before taxation 455 392
Prima facie tax at 33% 150 129
Less: Tax effect of:
Permanent differences (37) (9)
Prior year provisions no longer required (3) (27)

Taxation expense | 110 | 93 |

The taxation expense is represented by:

1999 1998
$M $M
Tax payable in respect of the current period 184 143
Deferred taxation (note 12) (74) (50)
110 93

There are no income tax losses carried forward and available to be set-off against future assessable income.

Imputation credit account

1999 1998
$M $M
Imputation credits at start of the period 809 704
Plus: Income tax paid 147 104
Transfers to subsidiaries - 1
Imputation credits at end of the period 956 809

6. Dividends

Ordinary shares:

1999 1998
$M $M
Interim dividend paid - 68

Total dividends paid or provided | - | 68 |

7. Current assets

1999 1998
$M $M
Cash 15 -
Short term deposits 201 88
Fuel stocks 41 38
Consumable spares 12 12
Prepayments 30 6
Accounts receivable 189 163
Other current assets 30 5
Total current assets 518 312

8. Term assets

1999 1998
$M $M
Investment in subsidiaries 178 52
Resource consents 8 8
Goodwill - -
Other term assets - 3
Total term assets 186 63


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🏗️ Electricity Corporation of New Zealand Limited Financial Notes (continued from previous page)

🏗️ Infrastructure & Public Works
Insurance, Resource Consents, Accounting Policies, Financial Statements, Comparative Figures