✨ Financial Statements
7 MARCH 2008 NEW ZEALAND GAZETTE, No. 55 1553
Eastland Network Limited – Electricity Lines Business
Notes to the financial statements (continued)
For the year ended 31 March 2007
Revenue from "Other" Business
The Electricity Lines business charges the Generation business for managing the maintenance of the generation assets, this is currently set at 10% of the external costs of that maintenance. In addition the Generation business is charged line charges for the connection of the Waihi Hydro scheme to the Eastland Network.
Both charges have been consistent in the current and prior years.
Avoided transmission payments to Generation business are charged based on the level of avoided transmission permitted to be recognised as pass through costs in the Electricity Lines Business prices under the requirements of the Commerce Act (Electricity Distribution Thresholds) Notice 2004.
| 2007 | 2006 | |
|---|---|---|
| $'000 | $'000 |
5 Taxation
Profit before taxation | 5,581 | 6,878 |
Prima facie taxation at 33% | 1,842 | 2,270 |
Add (subtract) tax effect of permanent differences | ___521 | (209) |
Income tax expense | 2,363 | 2,061 |
Income tax expense is made up of
Current taxation | 1,307 | 1,061 |
Deferred taxation | 1,056 | 1,000 |
| 2,363 | 2,061 |
6 Deferred Taxation
Balance at beginning of year | (3,282) | (2,282) |
Recognised in the statement of financial performance | (1,056) | (1,000) |
Balance at end of Year | (4,338) | (3,282) |
7 Shareholders’ Equity
Paid in share capital | 5,573 | 5,573 |
Asset revaluation reserve | 30,187 | 30,429 |
Retained earnings | 14,588 | 14,708 |
| 50,348 | 50,710 |
Eastland Network Limited has Paid in Share Capital of $8,000,000 and 8,300,000 ordinary shares on issue. Of this $5,573,028 (69.6%) is allocated to the Electricity Lines Business based on the share of Eastland Network Limited’s net assets allocated between Electricity Lines and Other businesses.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 55
Gazette.govt.nz —
NZ Gazette 2008, No 55
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Eastland Network Limited – Electricity Lines Business
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