✨ Financial Statements Notes
VECTOR LIMITED & SUBSIDIARIES
GAS DISTRIBUTION ACTIVITIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
- PROFIT BEFORE INTEREST AND INCOME TAX
| 2011 | 2010 | |
|---|---|---|
| $000 | $000 | |
| Profit before interest and income tax includes: | ||
| Bad debts written off | 2,094 | 16 |
| Decrease in provision for doubtful debts | (100) | (144) |
| Rental and operating lease costs | 320 | 602 |
| Directors' fees | 133 | 100 |
| Audit fees | 217 | 115 |
| Personnel expenses | 10,703 | 9,268 |
| Loss/(profit) on disposal of property, plant and equipment and software | 101 | (44) |
| Depreciation of property, plant and equipment | ||
| - Distribution systems | 9,785 | 9,515 |
| - Plant, vehicles and equipment | 725 | 1,137 |
| Amortisation of software and other intangibles | 1,041 | 1,272 |
- FINANCE COSTS
| 2011 | 2010 | |
|---|---|---|
| $000 | $000 | |
| Interest expense | 18,316 | 19,150 |
| Capitalised interest | (401) | (477) |
| Total | 17,915 | 18,673 |
- INCOME TAX EXPENSE
| 2011 | 2010 | |
|---|---|---|
| $000 | $000 | |
| Profit before income tax | 24,660 | 26,812 |
| Tax at current rate of 30% | 7,398 | 8,044 |
| Future reduction in tax rate impacting deferred tax | (328) | (4,096) |
| Future change in buildings depreciation rules impacting deferred tax | 2 | 12 |
| Non taxable items: | ||
| - Customer contributions | - | (629) |
| Prior year adjustments | (195) | 263 |
| Other | (24) | 698 |
| Income tax expense | 6,853 | 4,292 |
The income tax expense is represented by:
| 2011 | 2010 | |
|---|---|---|
| $000 | $000 | |
| Current income tax | 2,363 | 3,322 |
| Deferred income tax | 4,490 | 970 |
| Total | 6,853 | 4,292 |
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 re-measured to reflect these changes.
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NZ Gazette 2012, No 24
✨ LLM interpretation of page content
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Certification of Financial Statements for Vector Limited
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