New Zealand Gazette – 2006 – No. 149

Page 4311

✨ Financial Statements



24 NOVEMBER 2006

NEW ZEALAND GAZETTE, No. 149

4311

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

NOTES TO THE FINANCIAL STATEMENTS continued

FOR THE YEAR ENDED 30 JUNE 2006

  1. REMUNERATION OF AUDITORS
Fees paid or payable to the auditors of the annual report LINES BUSINESS 2006 $000 LINES BUSINESS 2005 $000
As auditor of Transpower and Transpower subsidiaries 197 183
Other assurance-oriented assignments 36 10
233 193

Fees paid to other auditors

LINES BUSINESS 2006 $000 LINES BUSINESS 2005 $000
As auditor of Transpower and Transpower subsidiaries - -
For other services
Reporting engagements other than the annual report 241 146
Assistance to internal audit function 374 157
Other assurance-oriented assignments 131 268
Other 1,190 250
1,936 821
  1. NET FINANCE COSTS
LINES BUSINESS 2006 $000 LINES BUSINESS 2005 $000
Finance costs 99,831 103,036
Capitalised interest (6,299) (3,262)
Interest received (35,021) (32,933)
Net finance costs 58,511 65,841

Total operating expenses

320,844

310,091

Net finance costs

58,511

65,841

Total expenses including net financing costs

379,355

375,932

  1. TAXATION
LINES BUSINESS 2006 $000 LINES BUSINESS 2005 $000
Operating surplus before tax 128,465 134,749
Prima facie tax at 33% 42,393 44,467
Tax effect of:
Timing differences not recognised
- current period excluding revaluation adjustment 4,964 (3,078)
- current period revaluation adjustment - -
Permanent differences - -
Income tax charge in respect of the current year 47,357 41,389
Under / (over) provision in prior years (2,771) 2,601
Tax expense 44,586 43,990

The income tax charge is represented by:

LINES BUSINESS 2006 $000 LINES BUSINESS 2005 $000
Tax payable in the current year 44,586 42,652
Deferred tax - 1,338

Deferred tax asset

LINES BUSINESS 2006 $000 LINES BUSINESS 2005 $000
Balance at the beginning of the year - 1,338
Increase in deferred tax asset - (1,338)
Balance at the end of the year - -

Deferred tax liability memorandum account

LINES BUSINESS 2006 $000 LINES BUSINESS 2005 $000
Balance at the beginning of the year 154,472 151,394
Increase (reduction) in deferred tax liability (4,964) 3,078
Balance at the end of the year 149,508 154,472

These timing differences predominantly relate to depreciation and are not recognised in the financial statements.

Imputation credit memorandum account

LINES BUSINESS 2006 $000 LINES BUSINESS 2005 $000
Balance at the beginning of the year 109,631 78,635
Tax payments made 48,426 49,676
Imputation credits attached to dividends paid to shareholders (3,159) (18,680)
Balance at the end of the year 154,898 109,631


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 149


Gazette.govt.nz — PDF NZ Gazette 2006, No 149




✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Transpower New Zealand Limited Lines Business (continued from previous page)

🏭 Trade, Customs & Industry
24 November 2006
Financial Instruments, Accounting Policies, NZ IFRS, Taxation, Transpower, Lines Business, 2006