✨ Financial Statements
28 FEBRUARY 2012 NEW ZEALAND GAZETTE, No. 24 683
VECTOR LIMITED & SUBSIDIARIES
GAS TRANSMISSION 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: | ||
| Decrease in provision for doubtful debts | (42) | (411) |
| Rental and operating lease costs | 251 | 490 |
| Directors' fees | 140 | 109 |
| Audit fees | 265 | 127 |
| Personnel expenses | 9,033 | 6,229 |
| Increase / (decrease) in provisions | 382 | (180) |
| Loss on disposal of property, plant and equipment | 887 | - |
| Depreciation of property, plant and equipment: | ||
| Pipelines, compressors and gate stations | 9,558 | 9,681 |
| Plant, vehicles and equipment | 1,770 | 3,212 |
| Amortisation of software and other intangibles | 3,008 | 4,583 |
- FINANCE COSTS
| 2011 | 2010 | |
|---|---|---|
| $000 | $000 | |
| Interest expense | 20,903 | 22,742 |
| Capitalised interest | (625) | (137) |
| Total | 20,278 | 22,605 |
- INCOME TAX EXPENSE
| 2011 | 2010 | |
|---|---|---|
| $000 | $000 | |
| Profit before income tax | 46,633 | 41,138 |
| Tax at current rate of 30% | 13,991 | 12,340 |
| Future reduction in tax rate impacting deferred tax | 75 | (6,794) |
| Future change in buildings depreciation rules impacting deferred tax | - | 676 |
| Non taxable items: | ||
| Customer contributions | - | (405) |
| Prior year adjustments | (91) | (50) |
| Other | (2) | (1,975) |
| Income tax expense | 13,973 | 3,792 |
The income tax expense is represented by:
| 2011 | 2010 | |
|---|---|---|
| Current income tax | 14,601 | 13,370 |
| Deferred income tax | (628) | (9,578) |
| Total | 13,973 | 3,792 |
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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Statement of Accounting Policies for Vector Limited Gas Transmission Activities
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💰 Finance & RevenueAccounting Policies, Financial Statements, Gas Transmission, Vector Limited, Impairment, Recoverable Amount, Fair Value, Cash Flows, Discount Rate, Impairment Loss