✨ Financial Statements
30 NOVEMBER 2009 NEW ZEALAND GAZETTE, No. 173 4249
NGC HOLDINGS LIMITED
GAS TRANSMISSION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2009
1. OPERATING SURPLUS BEFORE INTEREST AND INCOME TAX
| 2009 | 2008 | |
|---|---|---|
| $000 | $000 |
Operating surplus before interest and income tax includes:
- Increase in provision for doubtful debts | 35 | 187 |
- Rental and operating lease costs | 561 | 598 |
- Directors' fees | 125 | 101 |
- Audit fees | 128 | 135 |
- Employee benefits | 12,477 | 14,604 |
- (Decrease) / increase in provisions | (240) | 925 |
- Loss on disposal of property, plant and equipment | - | 177 |
Depreciation of property, plant and equipment and software:
- Pipelines, compressors and gate stations | 12,874 | 13,274 |
- Other plant and equipment | 2,341 | 1,329 |
- Motor vehicles | 314 | 325 |
- Buildings | 49 | 80 |
- Amortisation of software intangibles | 4,013 | 3,635 |
2. FINANCE COSTS
| 2009 | 2008 | |
|---|---|---|
| $000 | $000 |
- Interest expense | 13,554 | 14,458 |
- Capitalised interest | (114) | (91) |
Finance costs | 13,440 | 14,367 |
3. INCOME TAX EXPENSE
| NOTE | 2009 | 2008 | |
|---|---|---|---|
| $000 | $000 |
- Operating surplus before income tax | | 42,884 | 37,676 |
- Tax at current rate of 30% (2008: 33%) | | 12,865 | 12,433 |
- Adjustment to deferred tax for change in company tax rate | | - | 90 |
Non taxable items:
- Customer contributions | | - | (129) |
- Prior year adjustment | | 628 | - |
- Other | | 331 | (293) |
Income tax expense | | 13,824 | 12,101 |
The income tax expense is represented by:
- Current income tax | | 15,395 | 14,733 |
- Deferred income tax | 4 | (1,571) | (2,632) |
Total | | 13,824 | 12,101
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NZ Gazette 2009, No 173
✨ LLM interpretation of page content
💰
Notes to the Financial Statements for NGC Holdings Limited
(continued from previous page)
💰 Finance & Revenue30 June 2009
Financial Statements, Operating Surplus, Finance Costs, Income Tax Expense, NGC Holdings Limited