New Zealand Gazette – 2012 – No. 152

Page 4519

✨ Financial Statements



21 DECEMBER 2012 NEW ZEALAND GAZETTE, No. 152 4519

VECTOR LIMITED & SUBSIDIARIES

GAS DISTRIBUTION ACTIVITIES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2012

1. PROFIT BEFORE INTEREST AND INCOME TAX

2012 2011
$000 $000
Profit before interest and income tax includes:
Bad debts written off (208) 2,094
Increase/(decrease) in provision for doubtful debts 771 (100)
Rental and operating lease costs 248 320
Directors’ fees 133 133
Auditor’s remuneration - KPMG
Fees for the audit of the gas information disclosures 31 30
Fees for the audit of the 53ZD notice 200 -
Personnel expenses 10,607 10,703
Loss on disposal of property, plant and equipment and software intangibles 679 101
Depreciation of property, plant and equipment:
Distribution systems 10,371 9,785
Plant, vehicles and equipment 649 725
Amortisation of software and other intangibles 1,054 1,041

2. FINANCE COSTS

2012 2011
$000 $000
Interest expense 16,633 18,316
Capitalised interest (340) (401)
Total 16,293 17,915

3. INCOME TAX EXPENSE

2012 2011
$000 $000
Profit before income tax 29,466 24,660
Tax at current rate of 28% (2011: 30%) 8,250 7,398
Reduction in tax rate impacting deferred tax (from 30% to 28%) - (328)
Future change in buildings depreciation rules impacting deferred tax - 2
Non taxable items:
Prior year adjustments 796 (195)
Other 25 (24)
Income tax expense 9,071 6,853

The income tax expense is represented by:

2012 2011
$000 $000
Current income tax 4,515 2,363
Deferred income tax 4,556 4,490
Total 9,071 6,853

In May 2010 the Government announced a reduction in the company tax rate to 28% and the removal of depreciation deductions for buildings. Both of these changes are effective from the 2011/2012 income year. In accordance with NZ IAS 12 Vector re-measured its deferred tax liability in 2011 to reflect these changes.



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Gazette.govt.nz — PDF NZ Gazette 2012, No 152




✨ LLM interpretation of page content

🏭 Statement of Accounting Policies for Vector Limited & Subsidiaries (continued from previous page)

🏭 Trade, Customs & Industry
Financial statements, Profit before interest and income tax, Finance costs, Income tax expense, Accounting policies, Provisions, Foreign currency translation, Impairment, Receivables, Non-financial assets