✨ Financial Statements
VECTOR LIMITED & SUBSIDIARIES
GAS TRANSMISSION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2012
- PROFIT BEFORE INTEREST AND INCOME TAX
| 2012 | 2011 | |
|---|---|---|
| $000 | $000 | |
| Profit before interest and income tax includes: | ||
| Decrease in provision for doubtful debts | (6) | (42) |
| Rental and operating lease costs | 272 | 251 |
| Directors' fees | 140 | 140 |
| Auditor's remuneration - KPMG | - | - |
| Fees for the audit of the gas information disclosures | 31 | 30 |
| Fees for the audit of the S32D notice | 200 | - |
| Personnel expenses | 10,288 | 9,033 |
| (Decrease) / increase in provisions | (41) | 382 |
| (Profit) / loss on disposal of property, plant and equipment and software intangibles | (781) | 887 |
| Depreciation of property, plant and equipment: | ||
| Pipelines, compressors and gate stations | 9,737 | 9,558 |
| Plant, vehicles and equipment | 1,680 | 1,770 |
| Amortisation of software and other intangibles | 2,153 | 3,008 |
- FINANCE COSTS
| 2012 | 2011 | |
|---|---|---|
| $000 | $000 | |
| Interest expense | 18,800 | 20,903 |
| Capitalised interest | (565) | (625) |
| Total | 18,235 | 20,278 |
- INCOME TAX EXPENSE
| 2012 | 2011 | |
|---|---|---|
| $000 | $000 | |
| Profit before income tax | 46,905 | 46,633 |
| Tax at current rate of 28% (2011: 30%) | 13,133 | 13,991 |
| Reduction in tax rate impacting deferred tax (from 30% to 28%) | - | 75 |
| Non taxable items: | ||
| Prior year adjustments | 737 | (91) |
| Other | 33 | (2) |
| Income tax expense | 13,903 | 13,973 |
The income tax expense is represented by:
| 2012 | 2011 | |
|---|---|---|
| $000 | $000 | |
| Current income tax | 12,459 | 14,601 |
| Deferred income tax | 1,444 | (628) |
| Total | 13,903 | 13,973 |
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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NZ Gazette 2012, No 152
✨ LLM interpretation of page content
🏭
Statement of Accounting Policies for Vector Limited & Subsidiaries
(continued from previous page)
🏭 Trade, Customs & IndustryAccounting policies, Impairment, Non-financial assets, Financial statements, Approval
🏭 Notes to the Financial Statements for Vector Limited & Subsidiaries
🏭 Trade, Customs & IndustryProfit, Finance costs, Income tax, Auditing, Financial statements
- KPMG