✨ Financial Statements
3 DECEMBER 2010
NEW ZEALAND GAZETTE, No. 165
4127
Roles and Trustees Part 9 of the Financial Statements
Form was revised 30 June 2010
GAS DIVISION
1. REVENUE AND EXPENDITURE
| Year to | Year to | |
|---|---|---|
| 30 June 2010 | 30 June 2009 | |
| NZ$000 | NZ$000 | |
| Revenue | ||
| Line charge revenue | 46,432 | 47,146 |
| Other income | ||
| Interest revenue | 39 | 1 |
| Other (losses)/gains | ||
| Change in fair value of assets and liabilities classified as held for trading | 5,809 | 12,150 |
| Finance costs | ||
| Interest on subordinated debt | 94 | 949 |
| Interest on borrowings | 18,866 | 15,775 |
| Interest on subordinated debt | 1,309 | 1,602 |
| Other finance costs | 1,456 | 800 |
| 19,869 | 19,276 |
2. TAXATION
| Year to | Year to | |
|---|---|---|
| 30 June 2010 | 30 June 2009 | |
| NZ$000 | NZ$000 | |
| Income tax recognised in the profit or loss | ||
| Tax expense/(benefit) computed | ||
| Current tax expense/(benefit) | (4,159) | (3,639) |
| Deferred tax on temporary differences | 3,018 | 40 |
| Impact of changes in tax rates and laws | (2,733) | — |
| Tax effect of expenses/(revenue) that are not deductible in determining taxable profit | — | (3,359) |
The total charge for the period can be reconciled to the accounting loss as follows:
| Operating loss before taxation| (8,616) | (10,669) |
| | | |
| Prima facie taxation (28.0%) | (2,326) | (3,201) |
| Tax effect of expenses/(revenue) that are not deductible in determining taxable profit | 930 | (38) |
| Adjustment recognised in current year in relation to charge in tax rate | (2,743) | — |
| | | |
Taxation expenses/(benefit):
The tax rate used in the accounts reverts to the corporate tax rate of 30% applying by New Zealand corporate tax law on taxable profits under New Zealand tax law. The corporate tax rate in New Zealand is changing from 30% to 28% effective from 1 April 2011. The impact of the change in tax rate has been taken into account in the measurement of deferred tax balances at the end of the reporting period.
| Income tax (reconciled directly in equity) | | |
| Revaluation of financial instruments classified as cash flow hedges | — | (1,354) |
| | (1,354) | 1,267 |
Deferred tax (temporary differences)
| | Other | Property, plant | Derivatives | TOTAL |
| | NZ$000 | & equipment | NZ$000 | NZ$000 |
| | | NZ$000 | | |
| Balance 30 June 2008 | — | 36,459 | 4,062 | 37,561 |
| Charged/(released) to profit or loss | — | (4,043) | (3,107) | (4,100) |
| Charged to other comprehensive income | — | — | — | — |
| Balance 30 June 2009 | — | 40,142 | (848) | 36,894 |
| Charged/(released) to profit or loss | (233) | 8,915 | (1,773) | 2,019 |
| Charged to other comprehensive income | — | (4,329) | 282 | (3,854) |
| Balance 30 June 2010 | (265) | 42,334 | (2,339) | 35,323 |
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NZ Gazette 2010, No 165
✨ LLM interpretation of page content
🏭
Standards approved but not yet effective
(continued from previous page)
🏭 Trade, Customs & IndustryAccounting standards, Financial statements, Future impact
💰 Powerco Gas Division Financial Statements
💰 Finance & RevenueRevenue, Expenditure, Taxation, Financial instruments, Deferred tax