✨ Financial Statements
NEW ZEALAND GAZETTE, No. 132
2 NOVEMBER 2012
Notes to and forming Part of the Financial Statements
For the year to and as at 31 March 2012
GAS DIVISION
1 REVENUE AND EXPENDITURE
| Year to 31 March 2012 NZ$000 | Year to 30 June 2011 NZ$000 | |
|---|---|---|
| Line charge revenue | 46,515 | 44,265 |
| Gas metering services | 2,425 | 3,327 |
| Total revenue | 49,940 | 47,592 |
| Interest revenue | 218 | 150 |
| Other income | 11 | 9 |
| Total other income | 229 | 159 |
Change in fair value of assets and liabilities classified as held for trading:
| | | |
|--------------------------|-----------------------------|-----------------------------|
| | 427 | (1,405) |
Effect on profit/(loss) on fair value changes unrealised:
| | (172) | (699) |
| Total other losses/(gains) | (560) | (1,715) |
| Interest on bank overdrafts | 462 | 31 |
| Interest on unsecured debt | 15,761 | 15,818 |
| Other finance costs | 1,333 | 1,468 |
| Total finance costs | 17,197 | 18,369 |
2 TAXATION recognised in the profit or loss
Income tax (expense)/benefit:
| Year to 31 March 2012 NZ$000 | Year to 30 June 2011 NZ$000 | |
|---|---|---|
| Current tax (benefit) | (1,833) | (2,719) |
| Deferred tax on temporary differences | 2,610 | 3,516 |
| Effect of change in tax rate | — | 691 |
The total charge for the period can be reconciled to the accounting profit/(loss) as follows:
| 2,767 | 2,382 | |
|---|---|---|
| Profit before taxation | ||
| Prima facie taxation @ 28% (2011: 30%) | 775 | 709 |
| Tax effect of (expense)/income items that are not deductible in determining taxable profit | (104) | 88 |
| Adjustment recognised in current year in relation to change in tax rate | — | (235) |
| Taxation expense | 671 | 562 |
Thirty rate used in the above reconciliation is the corporate tax rate of 28% payable by New Zealand corporate entities on taxable profits under New Zealand tax law. The corporate tax rate in New Zealand changed from 30% to 28% from 1 July 2011. The impact of the change in tax rate has been taken into account in the measurement of deferred tax liabilities.
Deferred tax - temporary differences
| Other NZ$000 | Property, plant and equipment NZ$000 | Derivatives NZ$000 | TOTAL NZ$000 | |
|---|---|---|---|---|
| Balance 30 June 2010 | (26) | 42,334 | (3,685) | 38,323 |
| Charged/(credited) to profit or loss | (76) | 3,584 | 6 | 3,516 |
| Charged to other comprehensive income | (97) | (233) | — | (459) |
| Balance 30 June 2011 | (55) | 45,657 | (3,972) | 41,630 |
| Charged/(credited) to profit or loss | (32) | 2,983 | (431) | 2,519 |
| Charged to other comprehensive income | 33 | (4,512) | 18 | (4,312) |
| Balance 31 March 2012 | — | 43,144 | (4,312) | 43,865 |
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NZ Gazette 2012, No 132
✨ LLM interpretation of page content
🏭
Standards, Amendments and Interpretations Effective in the Current Period
(continued from previous page)
🏭 Trade, Customs & IndustryAccounting Standards, Amendments, Interpretations, Financial Reporting, NZ IAS, NZ IFRS, NZ IFRIC
🏭 Gas Division Revenue and Expenditure
🏭 Trade, Customs & IndustryRevenue, Expenditure, Gas Division, Financial Statements
💰 Taxation Recognized in Profit or Loss
💰 Finance & RevenueTaxation, Income Tax, Deferred Tax, Financial Statements
💰 Deferred Tax - Temporary Differences
💰 Finance & RevenueDeferred Tax, Temporary Differences, Financial Statements