✨ Financial Statements
NGC HOLDINGS LIMITED
GAS TRANSMISSION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2008
- OPERATING SURPLUS BEFORE INTEREST AND INCOME TAX
| 2008 | 2007 | |
|---|---|---|
| $'000 | $'000 |
Operating surplus before interest and income tax includes:
-
Depreciation:
- Pipelines, compressors and gate stations | 13,274 | 12,053 |
- Other plant and equipment | 1,329 | 1,629 |
- Motor vehicles | 325 | 310 |
- Buildings | 80 | 321 |
|---------|---------|
| 15,008 | 14,313 |
-
Audit fees | 135 | 103 |
-
Directors' fees | 101 | 86 |
-
Provision release | 338 | 3,708 |
-
Increase in provision for doubtful debts| 187 | 198 |
-
Rental and operating lease costs | 31 | 96 |
-
Loss on disposal of property, plant and equipment | 177 | 725 |
-
Employee benefits | 14,604 | 14,383 |
-
Amortisation of software intangibles | 3,635 | 2,214 |
- NET FINANCE COSTS
| 2008 | 2007 | |
|---|---|---|
| $'000 | $'000 |
Finance costs:
- Interest expense | 14,357 | 16,007 |
- INCOME TAX EXPENSE
| NOTE | 2008 | 2007 | |
|---|---|---|---|
| $'000 | $'000 |
Operating surplus before income tax | | 37,676 | 31,123 |
Tax at current rate of 33% | | 12,433 | 10,271 |
Plus/(less) tax effect of permanent differences:
- Prior period adjustment | | — | 3 |
- Adjustment to deferred tax for change in company tax rate | | 90 | (8,627) |
- Non-taxable income | | (129) | (50) |
- Other non-deductible items | | (293) | 9 |
|---------|---------|
Income tax expense | | 12,101 | 1,606 |
The income tax expense is represented by:
- Current income tax | | 14,733 | 9,562 |
- Deferred income tax | 4 | (2,632) | (7,956) |
|---------|---------|
Total | | 12,101 | 1,606 |
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NZ Gazette 2008, No 185
✨ LLM interpretation of page content
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NGC Holdings Limited Financial Statements for Gas Transmission Activities
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial statements, Operating surplus, Net finance costs, Income tax expense, Depreciation, Audit fees, Directors' fees, Employee benefits