New Zealand Gazette – 2008 – No. 29

Page 631

✨ Financial Statements



WEL NETWORKS LIMITED

Line Business

| | 2007
($000s) | 2006
($000s) |
|----------------|----------------|
| 4 Taxation |
| Profit before taxation | 15,062 | 15,611 |
| Tax on profit at 33% | 4,971 | 5,152 |
| Tax effect of permanent differences | (195) | 121 |
| Total taxation expense | 4,776 | 5,273 |

Represented by:
| | |
| Deferred income tax liability | 921 | 3,145 |
| Current taxation provision | 3,855 | 2,128 |
| | 4,776 | 5,273 |

Deferred income tax liability

| | |
| Balance at the beginning of the year | 17,760 | 14,615 |
| Adjustments for prior periods | (1,407) | (21) |
| Current year timing differences | 2,328 | 3,166 |
| Balance at the end of the year | 18,681 | 17,760 |

The tax effect of timing differences arising from asset revaluations of the distribution system approximating $30,553,000, which would only crystallise on disposal, have not been recognised.

5 Shareholders Funds

2007 2006
Issued and Paid In Capital 41,504 41,504
All ordinary shares carry equal voting rights
Asset revaluation reserve 158,218 104,612
Retained earnings 29,412 19,126
Minority interests in subsidiaries - -
Total Equity 229,134 165,242

Asset Revaluation Reserve

2007 2006
Balance at the beginning of the year 104,612 104,612
Asset revaluation 53,606 -
Transfer to Retained Earnings - -
Balance at the end of the year 158,218 104,612

Retained Earnings

2007 2006
Balance at the beginning of the year 19,126 8,788
Net surplus after tax 10,286 10,338
Dividends - -
Transfer from Revaluation Reserve - -
Balance at the end of the year 29,412 19,126


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 29


Gazette.govt.nz — PDF NZ Gazette 2008, No 29




✨ LLM interpretation of page content

🏭 Financial Performance and Equity Movements of WEL Networks Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Taxation, Shareholders funds, Asset revaluation, Retained earnings, WEL Networks Limited