✨ Financial Statements
2658
NEW ZEALAND GAZETTE
No. 104
2.5 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
| 2001 ($000) | 2000 ($000) | |
|---|---|---|
| 4 Operating surplus before interest and income tax | 170,362 | 163,926 |
INTEREST EXPENSE
Interest expense on borrowings 64,200 69,167
Financing charges related to finance leases - -
Other interest expense not listed above - -
Total interest expense 64,200 69,167
Operating surplus before income tax 106,162 94,759
Income tax 26,712 26,328
Net surplus after tax 79,450 68,431
5 TAXATION
Surplus from operations before taxation 106,163 94,759
Taxation at 33% 35,034 31,270
Permanent differences 2,032 2,978
Net benefit of tax losses transferred from group companies (10,354) (7,920)
Current period taxation charge 26,712 26,328
The taxation charge is represented by
Current taxation 9,367 7,867
Deferred taxation 17,345 18,461
26,712 26,328
Deferred taxation reconciliation
Opening balance 28,225 10,768
Opening balance transferred on sale of subsidiary - (1,004)
Current period tax charge movement 17,345 18,461
Closing balance 45,570 28,225
Imputation credit account
Opening balance - 2,255
Imputation credits attached to dividends received 2,383 5,072
Opening balance transferred on sale of subsidiary - (2,140)
Correction to prior year balance - 2,315
Taxation paid – current period 20,032 8,373
Imputation credits attached to dividends paid (22,415) (15,875)
Imputations credits available to shareholders - -
In respect of the valuation, there is a deferred tax liability for tax depreciation recovered amounting to approximately $44.4 million (2000: $35.9 million), which would crystallise if all the revalued assets were disposed of for their carrying value. This liability has not been recognised in the financial statements.
6 SHARE CAPITAL
Opening balance 116,459 129,351
Effect of sale of subsidiary - (12,892)
Movement in shares - -
Ending balance 116,459 116,459
Shares issued by UnitedNetworks 151,469,342 151,469,342
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 104
Gazette.govt.nz —
NZ Gazette 2001, No 104
✨ LLM interpretation of page content
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Notes to Financial Statements for UnitedNetworks
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Operating Surplus, Interest Expense, Taxation, Deferred Taxation, Imputation Credit, Share Capital