✨ Financial Statements
26 NOVEMBER 2010 NEW ZEALAND GAZETTE, No. 158 3965
NGC HOLDINGS LIMITED
GAS TRANSMISSION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2010
1. PROFIT BEFORE INTEREST AND INCOME TAX
| 2010 | 2009 | |
|---|---|---|
| $'000 | $'000 | |
| Profit before interest and income tax | ||
| (Decrease) / increase in provision for doubtful debts | (411) | 35 |
| Rental and operating lease costs | 490 | 561 |
| Directors' fees | 109 | 125 |
| Audit fees | 127 | 128 |
| Personnel expenses | 6,229 | 6,201 |
| Decrease in provisions | (180) | (240) |
| Depreciation of property, plant and equipment and software | ||
| Pipelines, compressors and gate stations | 9,071 | 12,874 |
| Plant, vehicles and equipment | 3,212 | 2,704 |
| Amortisation of software intangibles | 4,410 | 4,013 |
2. FINANCE COSTS
| 2010 | 2009 | |
|---|---|---|
| $'000 | $'000 | |
| Interest expense | 9,701 | 13,554 |
| Capitalised interest | (137) | (114) |
| Total | 9,564 | 13,440 |
3. INCOME TAX EXPENSE
| 2010 | 2009 | |
|---|---|---|
| $'000 | $'000 | |
| Profit before income tax | 55,061 | 42,884 |
| Tax at current rate of 30% | 16,519 | 12,865 |
| Future reduction in tax rate impacting deferred tax | (5,946) | - |
| Future change in buildings depreciation rules impacting deferred tax | 676 | - |
| Non taxable items: | ||
| Customer contributions | (405) | - |
| Prior year adjustments | (50) | 628 |
| Other | (1,975) | 331 |
| Income tax expense | 8,819 | 13,824 |
The income tax expense is represented by:
| 2010 | 2009 | |
|---|---|---|
| $'000 | $'000 | |
| Current income tax | 17,284 | 15,395 |
| Deferred income tax | (8,465) | (1,571) |
| Total | 8,819 | 13,824 |
In May 2010 the Government announced a reduction in the company tax rate to 28% and the removal of depreciation deductions for buildings, effective from the 2011/2012 income year. In accordance with NZ IAS 12, the deferred tax liability has been restated to reflect these changes. The Government also announced that customer contributions would be taxable for those contributions received on or after 21 May 2010.
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NZ Gazette 2010, No 158
✨ LLM interpretation of page content
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Notes to the Financial Statements for NGC Holdings Limited
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Profit, Interest, Income Tax, Depreciation, Lease Costs, Directors' Fees, Audit Fees, Personnel Expenses, Deferred Tax