New Zealand Gazette – 2005 – No. 115

Page 2769

✨ Financial Statements



3 AUGUST 2005

NEW ZEALAND GAZETTE, No. 115

2769

4 TAXATION

2005 $ 2004 $
Net Surplus before Taxation 3,295,571 6,778,903
Prima facie taxation at 33% 1,087,538 2,237,038
Plus Tax effect on permanent differences 954,974 531,383
Total Taxation Expense 2,042,512 2,768,421

The Taxation charge comprises:

2005 $ 2004 $
Current Taxation 502,122 1,260,144
Deferred Taxation 1,540,390 1,508,277
Total 2,042,512 2,768,421

Deferred Taxation Liability:

2005 $ 2004 $
Opening Balance 10,199,827 8,691,551
Current Year Movement 1,540,390 1,508,276
Prior Year Adjustment 0 0
11,740,217 10,199,827

5 CUSTOMER DEFERRED DISCOUNT AND DIVIDEND

Calculations for deferred discounts paid to each customer were based on their individual customer line charges for the 12 months ended 28 February 2005.

There has been no dividend declared during the year.

6 EQUITY

a) Shareholders' equity-

i) Share capital

2005 $ 2004 $
29,932,100 29,923,000

ii) Retained earnings

2005 $ 2004 $
7,648,498 6,395,439

iii) Reserves

2005 $ 2004 $
47,479,654 47,479,654

iv) Total shareholders' equity

2005 $ 2004 $
85,060,252 83,798,093

b) Minority interests in subsidiaries

2005 $ 2004 $
0 0

c) Total equity

2005 $ 2004 $
85,060,252 83,798,093

d) Capital notes

2005 $ 2004 $
0 0

e) Total capital funds

2005 $ 2004 $
85,060,252 83,798,093

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 $29,932,100 is the total shareholding in Electricity Ashburton Limited



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 115


Gazette.govt.nz — PDF NZ Gazette 2005, No 115




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Electricity Ashburton Ltd (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Accounting policies, Revenue, Depreciation, Income taxation, Asset valuation, Electricity, Ashburton