New Zealand Gazette – 2009 – No. 173

Page 4216

✨ Financial Statements



VECTOR LIMITED & SUBSIDIARIES

GAS DISTRIBUTION ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2009

  1. OPERATING SURPLUS BEFORE INTEREST AND INCOME TAX
2009
$000
Operating surplus before interest and income tax includes:
Bad debts written off 25
(Decrease) / increase in provision for doubtful debts (13)
Rental and operating lease costs 815
Directors' fees 114
Audit fees 121
Employee benefits 10,111
Loss on disposal of property, plant and equipment and software 17
Depreciation of property, plant and equipment:
Distribution systems 10,875
Plant, vehicles and equipment 1,223
Amortisation of software intangibles 2,078
  1. FINANCE COSTS
2009 2008
$000 $000
Interest expense 22,246 32,683
Capitalised interest (450) (520)
Finance costs 21,796 32,163
  1. INCOME TAX EXPENSE
2009 2008
$000 $000
Operating surplus before income tax 16,067 4,851
Tax at current rate of 30% (2008: 33%) 4,820 1,601
Adjustment to deferred tax for change in company tax rate - (801)
Non taxable items:
Customer contributions (84) (693)
Prior year adjustment (134) -
Other 346 (108)
Income tax expense / (benefit) 4,948 (1)

The income tax expense / (benefit) is represented by:

2009 2008
Current income tax 53 (3,595)
Deferred income tax 4 3,594
Total 4,948 (1)

The tax charge is notional, therefore no actual tax payments are made and as a result there are no imputation credits available to the gas distribution activities.



Next Page →



Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2009, No 173




✨ LLM interpretation of page content

🏭 Certification of Financial Statements and Performance Measures for Gas Distribution (continued from previous page)

🏭 Trade, Customs & Industry
23 November 2009
Financial statements, Performance measures, Gas distribution, Vector Limited, Accounting policies, Impairment, Non-financial assets, Recoverable amount, Income statement