✨ Financial Statements
19 AUGUST NEW ZEALAND GAZETTE 2801
4 TAXATION
| 2003 ($) | 2002 ($) | |
|---|---|---|
| Net Surplus before Taxation | 1,716,407 | 749,956 |
| Prima facie taxation at 33% | 366,414 | 247,485 |
| Plus Tax effect on permanent differences | 806,757 | 774,986 |
| Less Tax effect of timing differences not recognised | 0 | 0 |
| Total Taxation Expense | 1,373,171 | 1,022,471 |
The Taxation charge comprises:
Current Taxation 0 40,411
Deferred Taxation 1,373,171 982,060
1,373,171 1,022,471
Deferred Taxation Liability:
Opening Balance 7,318,380 6,336,320
Current Year Movement 1,373,171 982,060
Prior Year Adjustment 0 0
8,691,551 7,318,380
5 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.
6 EQUITY
a) Shareholders' equity-
i) Share capital 29,888,700 29,875,700
ii) Retained earnings 3,557,957 3,214,721
iii) Reserves 34,743,906 34,743,906
iv) Total shareholders' equity 68,190,563 67,834,327
b) Minority interests in subsidiaries 0 0
c) Total equity 68,190,563 67,834,327
d) Capital notes 0 0
e) Total capital funds 68,190,563 67,834,327
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 —
NZ Gazette 2003, No 106
Gazette.govt.nz —
NZ Gazette 2003, No 106
✨ LLM interpretation of page content
🌾
Certification of Financial Statements for Electricity Ashburton Limited
(continued from previous page)
🌾 Primary Industries & Resources30 July 2003
Financial statements, Certification, Electricity Ashburton Limited, Audited, Compliance