✨ Financial Statements
12 DECEMBER 2006
NEW ZEALAND GAZETTE, No. 170
Notes to and Forming Part of the Financial Statements
For the year ended 30 June 2006
POWERCO
GAS DIVISION
1 REVENUE AND EXPENDITURE
Operating Revenue
| 30 June 2006 | 30 June 2005 | |
|---|---|---|
| $000 | $000 | |
| Comprises: | ||
| Line charge revenue | 50,349 | 56,994 |
| Interest revenue | 74 | 74 |
| Total | 50,349 | 57,068 |
Expenditure
| Specific disclosures | 30 June 2006 | 30 June 2005 |
|---|---|---|
| $000 | $000 | |
| Repairs and maintenance costs | 7,001 | 7,035 |
| Human resource costs | 183 | 200 |
| Depreciation on system assets | 9,440 | 9,079 |
| Bad debts | 6 | 38 |
| Interest expense | 20,701 | 21,536 |
| Corporate & administration | 5,824 | 3,182 |
| Marketing & advertising | 209 | 129 |
| Consulting & legal expenses | 1,324 | 975 |
| Total expenditure | 44,687 | 47,428 |
Operating Surplus Before Taxation | 5,662 | 9,640 |
2 TAXATION
Taxation for the year ended 30 June 2006
| 30 June 2006 | 30 June 2005 | |
|---|---|---|
| $000 | $000 | |
| Operating surplus before taxation | 5,661 | 9,640 |
| Prima facie taxation @ 33% | 1,868 | 3,181 |
| Plus/(less) tax effect of permanent timing differences | (639) | - |
| Taxation expense | 1,329 | 3,181 |
3 BORROWINGS
Non-current liabilities at amortised cost
| 30 June 2006 | 30 June 2005 | |
|---|---|---|
| NZ$000 | NZ$000 | |
| Subordinated bonds | 20,945 | 19,095 |
| Guaranteed bonds | 88,429 | 47,980 |
| US Dollar private placement notes | 55,024 | 57,563 |
| Commercial bank debt | 34,687 | 33,452 |
| Total | 199,085 | 158,080 |
Current liabilities at amortised cost
| 30 June 2006 | 30 June 2005 | |
|---|---|---|
| NZ$000 | NZ$000 | |
| Bank overdraft (note 4) | 4,390 | 1,638 |
| Commercial paper facility | 32,519 | 29,087 |
| Commercial bank debt | - | 33,508 |
| Total | 36,909 | 64,233 |
(a) Subordinated bonds
| 30 June 2006 | 30 June 2005 | |
|---|---|---|
| NZ$000 | NZ$000 | |
| Subordinated bonds | 21,880 | 19,695 |
| Adjustment for the fair value of the interest rate risk | (216) | - |
| 21,664 | 19,695 | |
| Deferred funding costs | (619) | (600) |
| Carrying value of subordinated bonds | 20,945 | 19,095 |
The Subordinated Bonds were issued on 15 April 2005 and are unsecured, subordinated debt obligations of Powerco Limited. They have a 5 tenure of 5 years and have an interest rate of 7.64% p.a. fixed until expiry on 15 April 2010.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 170
Gazette.govt.nz —
NZ Gazette 2006, No 170
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Powerco Gas Division Financial Statements
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