New Zealand Gazette – 2003 – No. 122

Page 3314

✨ Financial Statements Notes



UNISON NETWORKS - LINES BUSINESS

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

For The Year Ended 31 March 2003

2003 2002
$000 $000

3 Major Transaction

On 1 November 2002 the Company acquired 100% ownership interest of the United Networks Limited electrical distribution assets located in the Rotorua and Taupo regions for $196.195m

The summary of the financial reporting treatment of the acquisition was:

| Property, plant and equipment as defined under Financial Reporting Standard 3 | 106,307 | -
| Goodwill arising on acquisition | 99,888 | -
| | 196,195 | -

This transaction was 100% funded by term borrowing as detailed in Note 9.
Goodwill arising on acquisition for financial reporting purposes is further detailed in Note 20

4 INCOME TAX

2003 2002
$000 $000

a) Taxation

Operating Surplus Before Taxation

| | | 3,669 | 715 |
| Prima Facie Tax @ 33% | 1,211 | 236 |
| Permanent differences | (250) | (232) |
| Timing Differences not recognised |(1,133) | 177 |
| Prior Period Adjustments | (272) | (675) |
| Current Taxation Expense | (444) | (494) |

Taxation Expense (Benefit) is represented by:

2003 2002
Current Taxation (444) (494)
Deferred Tax
Taxation Payable (444) (494)

b) Movement in Deferred Taxation Liability (Timing Differences)

The Company has not recognised deferred taxation liabilities on cumulative timing differences of $45,019,000 (2002: $39,847,000) as these are not expected to reverse in the foreseeable future. The tax effect of timing differences not recognised is $14,856,270 (2002: $13,149,510).

c) Taxation Payable/(Refund)

2003 2002
Opening Balance 40 960
Current year taxation expense (benefit) (444) (494)
Taxation paid (1,239) (900)
Taxation Refunded Prior Periods 474
(1,643) 40

d) Imputation Credit Account

2003 2002
Opening Balance 2,845 2,502
Taxation Paid 1,239 900
Taxation Refund Received (474)
Imputation Credits attached to Dividends Paid in the reporting period (83) (83)
4,001 2,845


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 122


Gazette.govt.nz — PDF NZ Gazette 2003, No 122




✨ LLM interpretation of page content

🏭 Unison Networks Limited Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Major Transaction, Income Tax, Taxation Expense, Deferred Taxation, Imputation Credit Account