New Zealand Gazette – 2005 – No. 19

Page 435

✨ Financial Statements



19 JANUARY 2005

NEW ZEALAND GAZETTE, No. 19

435

4 TAXATION

2004 2003
$ $
Net Surplus before Taxation 5,778,903 1,715,407
Prima facie taxation at 33% 2,237,038 566,414
Plus Tax effect on permanent differences 531,383 806,757
Total Taxation Expense 2,768,421 1,373,171

The Taxation charge comprises:

2004 2003
$ $
Current Taxation 1,260,144 0
Deferred Taxation 1,508,277 1,373,171
2,768,421 1,373,171

Deferred Taxation Liability:

2004 2003
$ $
Opening Balance 8,691,551 7,318,380
Current Year Movement 1,508,276 1,373,171
Prior Year Adjustment 0 0
10,199,827 8,691,551

5 CUSTOMER DEFERRED DISCOUNT AND DIVIDEND

A fully imputed dividend of $100 for each shareholder has been provided for in these accounts.

6 EQUITY

a) Shareholders' equity-

i) Share capital

2004 2003
$ $
29,923,000 29,888,700

ii) Retained earnings

2004 2003
$ $
6,395,439 3,557,957

iii) Reserves

2004 2003
$ $
47,479,654 34,743,906

iv) Total shareholders' equity

2004 2003
$ $
83,798,093 68,190,563

b) Minority interests in subsidiaries

2004 2003
$ $
0 0

c) Total equity

2004 2003
$ $
83,798,093 68,190,563

d) Capital notes

2004 2003
$ $
0 0

e) Total capital funds

2004 2003
$ $
83,798,093 68,190,563

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 $29,923,000 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 19


Gazette.govt.nz — PDF NZ Gazette 2005, No 19




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Taxation, Equity, Shareholders, Ashburton