✨ Financial Statements
1328
NEW ZEALAND GAZETTE, No. 46
3 MARCH 2008
Notes to and Forming Part of the Financial Statements
For the year ended 31 March 2007
POWERCO
ELECTRICITY DIVISION
12 RECONCILIATION OF OPERATING SURPLUS AFTER TAXATION WITH CASH INFLOW FROM OPERATING ACTIVITIES
Operating surplus after taxation 32,518 42,522
Depreciation and amortisation of non-current assets 33,665 38,901
Loss/(gain) on sale of property, plant and equipment 14,028 -
Non-cash items in relation to investing/financing activities (1,384) (2,509)
Loss/(gain) on hedges (8,405) (4,210)
Increase/(decrease) in tax payable (2,704) (11,076)
Increase/(decrease) in deferred tax liability 12,652 13,564
Changes in net assets and liabilities:
Increase/decrease in assets:
Trade and other receivables 3,475 697
Increase/(decrease) in liabilities:
Trade and other payables (2,337) (10,466)
Provisions (301) -
Net cashflow from operating activities 81,207 67,423
13 SUBSEQUENT EVENTS
The corporate tax rate in New Zealand is to change from 33% to 30% with effect from 1 April 2008. This revised rate has not impacted the current tax payable for the current year or been taken into account in the measurement of deferred taxes at the end of the reporting period because the tax change was not substantially enacted at balance date, but will do so in future periods. As at 31 March 2007 this potential impact of this change would be a reduction in deferred tax liabilities of $3.9 million, which would result in a corresponding credit to the Income Statement.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 46
Gazette.govt.nz —
NZ Gazette 2008, No 46
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Notes to and Forming Part of the Financial Statements
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🏭 Trade, Customs & IndustryFinancial Statements, Operating Surplus, Cash Flow, Taxation, Depreciation, Amortisation, Hedging, Deferred Tax, Trade Receivables, Trade Payables, Provisions, Subsequent Events