✨ Financial Statements, Gas Division
4 DECEMBER 2009
NEW ZEALAND GAZETTE, No. 179
4359
Notes to and Forming Part of the Financial Statements
for the year ended 30 June 2009
GAS DIVISION
1 REVENUE AND EXPENDITURE
| Year to 30 June 2009 NZ$000 | Year to 30 June 2008 NZ$000 | |
|---|---|---|
| Operating Revenue | ||
| Line charge revenue | ||
| Intercal network revenue | 47,148 | 50,365 |
| 47,148 | 50,365 |
EXPENDITURE
| Other (loss)/gain |
| Charge in fair value of assets and liabilities classified as held for trading |
| | 12,169 | 3,040 |
| Operating expenses |
| Repairs and maintenance costs | 7,163 | 5,780 |
| Administration expenses |
| Human resource costs | 100 | 171 |
| Corporate & administration | 7,657 | 7,328 |
| Marketing & advertising | 249 | 228 |
| Counselling & legal expenses | 1,234 | 824 |
| Other expenses |
| Depreciation on network assets | 8,801 | 8,714 |
| Depreciation on plant and equipment | 715 | 463 |
| Amortisation of intangibles | 204 | 279 |
| Finance costs | 9,620 | 10,876 |
| Infrustructure orphans | | |
| Total expenditure | 57,818 | 48,792 |
2 TAXATION
| Year to 30 June 2009 NZ$000 | Year to 30 June 2008 NZ$000 | |
|---|---|---|
| Income tax recognised in the Income Statement | ||
| Tax expense / (benefit) | ||
| Current tax expense / (benefit) | (3,636) | (6,340) |
| Deferred tax on temporary differences | 462 | 6,901 |
| Effect of changes in tax rates and laws | — | (788) |
| (3,238) | 705 |
The total charge for the period can be reconciled to the accounting profit as follows:
| Operating surplus before taxation |
| | (16,088) | 773 |
| Prima facie taxation @ 30% (2008: 33%) | (3,201) | 255 |
| Tax effect of expenses/(income) that are not deductible in determining taxable profit | (138) | 1,206 |
| Effect of changes in tax rates |
| | — | (768) |
| Taxation expense / (benefit) |
| | (3,238) | 705 |
The tax rate used in the above reconciliation is the corporate tax rate of 30% payable by New Zealand corporate entities on taxable profits under New Zealand tax law. The corporate tax rate for New Zealand changed from 33% to 30% was effective from 1 April 2008. The revised rate has impacted the current tax payable for the year other than the opening tax balances.
All temporary differences have been recorded in the financial statements.
Income tax recognised directly in equity
| Revaluation of financial instruments treated as cash flow hedges |
| | (1,287) | (513) |
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NZ Gazette 2009, No 179
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💰 Gas Division Financial Statements for the year ended 30 June 2009
💰 Finance & RevenueRevenue, Expenditure, Taxation, Financial Statements, Powerco, Gas Division