New Zealand Gazette – 2002 – No. 108

Page 2915

✨ Financial Statements



TAXATION

2002 2001
$ $

Net Surplus before Taxation | 749,956 | 2,085,409 |

Prima facie taxation at 33% | 247,485 | 688,185 |
Plus Tax effect on permanent differences | 774,986 | 725,723 |
Less Tax effect of timing differences not recognised | 0 | 0 |
Total Taxation Expense | 1,022,471 | 1,413,908

The Taxation charge comprises:

2002 2001
Current Taxation 40,411 579,529
Deferred Taxation 982,060 834,379
Total Taxation 1,022,471 1,413,908

Deferred Taxation Liability:

2002 2001
Opening Balance 6,336,320 5,458,289
Current Year Movement 982,060 834,379
Prior Year Adjustment 0 43,652
Closing Balance 7,318,380 6,336,320

CUSTOMER DEFERRED DISCOUNT AND DIVIDEND

Calculations for deferred discounts paid to each customer were based on their individual line charges calculated for the financial year.

There has been no dividend declared this year.

EQUITY

a) Shareholders’ equity

i) Share capital | 29,875,700 | 29,903,600 |
ii) Retained earnings | 3,214,721 | 3,457,236 |
iii) Reserves | 34,743,906 | 34,117,182 |
iv) Total shareholders’ equity | 67,834,327 | 67,508,018

b) Minority interests in subsidiaries | 0 | 0 |

c) Total equity | 67,834,327 | 67,508,018 |

d) Capital notes | 0 | 0 |

e) Total capital funds | 67,834,327 | 67,508,018 |

There are 28,750,000 deferred shares held by the Ashburton District Council and these have the following conditions attached to them:

i) There is no right to distributions, dividends or rebates

ii) There is a right to vote if the rights attached to the deferred shares are to be altered or there is a proposal which would change the control of the Company or the rights of the Council are not carried forward on amalgamation

iii) The shares are not transferable except to another local authority or if 25% of the voting shares are controlled by one person

iv) The right to an equal distribution with the holders of the rebate shares on a winding up of the Company

The Share capital of $29,875,700 is the total shareholding in Electricity Ashburton Limited.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 108


Gazette.govt.nz — PDF NZ Gazette 2002, No 108




✨ LLM interpretation of page content

🏭 Electricity Ashburton Limited - Lines Business Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Taxation, Equity, Deferred Shares, Ashburton