New Zealand Gazette – 2008 – No. 46

Page 1330

✨ Financial Statements



1330

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

(s) Local authority rates expense: 721 541 35
(t) AC loss-rentals (distribution to retailers/customers) expense: 6,493 3,667 9,483
(u) Rebates to consumers due to ownership interest: - - -
(v) Subvention payments: - - -
(w) Unusual expenses: - - -
(x) Other expenditure not listed in (a) to (w): 14,028 14,028 -
Total operating expenditure 186,273 135,349 162,842

Operating surplus before Interest and Income tax    100,944     73,513      101,248

Interest expense
(a) Interest expense on borrowings 39,363 29,945 39,856
(b) Financing charges related to finance leases - - -
(c) Other interest expense - - -
(d) Total interest expense 39,363 29,945 39,856

Operating surplus before Income tax     61,592      43,568      61,392

Income tax                  15,698      11,050      18,870

Net surplus after tax           45,894      32,518      42,522

Note 1 Employee salaries, wages and redundancies.
This expense is an integral part of the disclosures
above.

Note 2 Fees paid for other services provided by principal and other auditors relate to taxation services of $50k (2006: $257k), audit services of $26k (2006: $76k) and
other non-audit services (2006: $176k).

The following types of services were performed for each of these categories:

Audit services:
- Audit prospectus;
- Audit of regulatory disclosure statements;
- IFRS assistance (2006).

Taxation services:
- Tax returns, depreciation review, due diligence assistance,
- Tax provision review, review of tax calculations, assurance on tax implications.


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2008, No 46


Gazette.govt.nz — PDF NZ Gazette 2008, No 46




✨ LLM interpretation of page content

🏭 Notes to and Forming Part of the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Operating Surplus, Interest Expense, Income Tax, Net Surplus, Employee Salaries, Audit Services, Taxation Services