New Zealand Gazette – 2008 – No. 185

Page 4803

✨ Financial Statements



VECTOR LIMITED & SUBSIDIARIES

GAS DISTRIBUTION ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2008

  1. OPERATING SURPLUS BEFORE INTEREST AND INCOME TAX
2008 2007
$000 $000
Operating surplus before interest and income tax includes:
Bad debts written off - 4
Increase in provision for doubtful debts 206 110
Rental and operating lease costs 565 573
Directors' fees 86 73
Audit fees 114 71
Employee benefits 11,376 9,382
Loss on disposal of property, plant and equipment and software 172 -
Depreciation of property, plant and equipment:
Distribution systems 10,096 9,978
Plant, vehicles and equipment 686 965
Amortisation of software intangibles 1,559 1,041
  1. NET FINANCE COSTS
2008 2007
$000 $000
Finance costs
Interest expense 32,683 30,172
Capitalised interest (520) (222)
Net finance costs 32,163 29,950
  1. INCOME TAX EXPENSE
NOTE 2008 2007
$000 $000
Operating surplus before income tax 4,852 3,398
Tax at current rate of 33% 1,601 1,121
Adjustment to deferred tax for change in company tax rate (801) (4,209)
Non taxable items:
Capital contributions (693) (328)
Other (108) 56
Income tax benefit (1) (3,360)

The income tax expense / (benefit) is represented by:

2008 2007
Current income tax (3,595) (4,888)
Deferred income tax 4 1,528
Total (1) (3,360)

The tax charge is notional, therefore no actual tax payments are made and as a result there are no imputation credits available to the gas distribution activities.



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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2008, No 185




✨ LLM interpretation of page content

🏭 Vector Limited & Subsidiaries Gas Distribution Activities Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Operating surplus, Net finance costs, Income tax expense, Vector Limited, Gas distribution