New Zealand Gazette – 2008 – No. 35

Page 817

✨ Financial Statements



25 FEBRUARY 2008

NEW ZEALAND GAZETTE, No. 35

817

4 TAXATION

2007 $ 2006 $
Net Surplus before Taxation 3,839,395 4,799,545
Prima facie taxation at 33% 1,267,000 1,583,850
Plus Tax effect on permanent differences 1,060,054 997,068
Total Taxation Expense 2,327,054 2,580,918

The Taxation charge comprises:

  • Current Taxation | 572,526 | 929,198 |
  • Deferred Taxation | 1,754,528 | 1,651,720 |

Deferred Taxation Liability:

  • Opening Balance | 13,391,937 | 11,740,217 |
  • Current Year Movement | 1,754,528 | 1,651,720 |
    | Total | 15,146,465 | 13,391,937 |

5 CUSTOMER DEFERRED DISCOUNT AND DIVIDEND

Calculations for deferred discounts paid to each customer were based on their individual customer line charges for the 12 months ended 28 February 2007

There has been no dividend declared during the year.

6 EQUITY

a) Shareholders' equity-

i) Share capital | 29,948,800 | 29,949,300 |

ii) Retained earnings | 11,389,459 | 9,887,125 |

iii) Reserves | 47,479,654 | 47,479,654 |

iv) Total shareholders' equity | 88,817,913 | 87,296,079 |

b) Minority interests in subsidiaries | 0 | 0 |

c) Total equity | 88,817,913 | 87,296,079 |

d) Capital notes | 0 | 0 |

e) Total capital funds | 88,817,913 | 87,296,079 |

There are 28,750,000 deferred shares held by the Ashburton District Council and these have the following conditions attached to them:

i) There is no right to distributions, dividends or rebates

ii) There is a right to vote if the rights attached to the deferred shares are to be altered or if there is a proposal which would change the control of the Company or the rights of the Council are not carried forward on amalgamation

iii) The shares are not transferable except to another local authority or if 25% of the voting shares are controlled by one person.

iv) The right to an equal distribution with the holders of the rebate shares on a winding up of the Company

The Share capital of $29,948,800 shareholding in Electricity Ashburton Ltd.



Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 35


Gazette.govt.nz — PDF NZ Gazette 2008, No 35




✨ LLM interpretation of page content

🏭 Electricity Ashburton Ltd Financial Statements Notes (continued from previous page)

🏭 Trade, Customs & Industry
31 March 2007
Financial Statements, Accounting Policies, Revenue, Depreciation, Income Taxation, Asset Valuation, Electricity Ashburton Ltd