✨ Financial Statements Notes
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2007
4. REMUNERATION OF AUDITORS
Fees paid or payable to the auditors of the annual report
| LINES BUSINESS 2007 $'000 | LINES BUSINESS 2006 $'000 | |
|---|---|---|
| As auditor of Transpower and Transpower subsidiaries | 215 | 197 |
| For other services | ||
| Other assurance-oriented assignments | 142 | 36 |
| 357 | 233 |
Fees paid to other auditors
| LINES BUSINESS 2007 $'000 | LINES BUSINESS 2006 $'000 | |
|---|---|---|
| As auditor of Transpower and Transpower subsidiaries | -- | -- |
| For other services | ||
| Reporting engagements other than the annual report | 311 | 241 |
| Assistance to internal audit function | 598 | 374 |
| Other assurance-oriented assignments | 162 | 131 |
| Other | 976 | 1,190 |
| 2,047 | 1,936 |
5. NET FINANCE COSTS
| LINES BUSINESS 2007 $'000 | LINES BUSINESS 2006 $'000 | |
|---|---|---|
| Finance costs | 103,555 | 99,831 |
| Capitalised interest | (9,161) | (6,299) |
| Interest received | (36,929) | (25,021) |
| Net finance costs | 57,465 | 58,511 |
| LINES BUSINESS 2007 $'000 | LINES BUSINESS 2006 $'000 | |
|---|---|---|
| Total operating expenses | 333,506 | 320,844 |
| Net finance costs | 57,465 | 58,511 |
| Total expenses including net financing costs | 390,971 | 379,355 |
6. TAXATION
| LINES BUSINESS 2007 $'000 | LINES BUSINESS 2006 $'000 | |
|---|---|---|
| Operating surplus before tax | 147,418 | 128,465 |
| Prima facie tax at 33% | 48,648 | 42,393 |
| Tax effect of: | ||
| - Timing differences not recognised | (4,210) | 4,964 |
| - Current period excluding revaluation adjustment | -- | -- |
| - Current period revaluation adjustment | -- | -- |
| Permanent differences | ||
| Income tax charge in respect of the current year | 44,438 | 47,357 |
| Under/(over) provision in prior years | (3,405) | (2,771) |
| Tax expense | 41,033 | 44,586 |
The income tax charge is represented by:
| LINES BUSINESS 2007 $'000 | LINES BUSINESS 2006 $'000 | |
|---|---|---|
| Tax payable in the current year | 41,033 | 44,586 |
| Deferred tax | -- | -- |
Deferred tax asset:
| LINES BUSINESS 2007 $'000 | LINES BUSINESS 2006 $'000 | |
|---|---|---|
| Balance at the beginning of the year | -- | -- |
| Increase in deferred tax asset | -- | -- |
| Balance at the end of the year | 41,033 | 44,586 |
Deferred tax liability memorandum account
| LINES BUSINESS 2007 $'000 | LINES BUSINESS 2006 $'000 | |
|---|---|---|
| Balance at the beginning of the year | 149,508 | 154,472 |
| Increase (reduction) in deferred tax liability | (4,210) | (14,964) |
| Balance at the end of the year | 153,718 | 139,508 |
These timing differences predominantly relate to depreciation and are not recognised in the financial statements.
Imputation credit memorandum account
| LINES BUSINESS 2007 $'000 | LINES BUSINESS 2006 $'000 | |
|---|---|---|
| Balance at the beginning of the year | 154,898 | 109,631 |
| Tax payments made | 38,130 | 48,426 |
| Imputation credits attached to dividends paid to shareholders | -- | (3,159) |
| Balance at the end of the year | 193,028 | 154,898 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 134
Gazette.govt.nz —
NZ Gazette 2007, No 134
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Transpower New Zealand Limited Lines Business Notes to the Financial Statements
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🏭 Trade, Customs & Industry30 November 2007
Financial Instruments, Derivatives, Hedging, Accounting Policies, NZ IFRS, Financial Reporting, Taxation, Revenue Deferral, Balance Sheet Adjustments, Operating Revenue, Transmission Services, Electricity Regulations