✨ Financial Statements
NEW ZEALAND GAZETTE, No. 25
29 FEBRUARY 2012
Notes to and Forming Part of the Financial Statements
For the year ended 30 June 2011
GAS DIVISION
1 REVENUE AND EXPENDITURE
| Year to 30 June 2011 NZ$000 | Year to 30 June 2010 NZ$000 | |
|---|---|---|
| Line charge revenue | 44,265 | 43,305 |
| Gas metering services | 3,227 | 3,128 |
| Total revenue | 47,492 | 46,433 |
| Interest revenue | 190 | 38 |
| Other income | - | - |
| Total other income | 190 | 38 |
| Change in fair value of assets and liabilities classified as held for trading | (1,405) | 5,909 |
| Hedge ineffectiveness on fair value hedges unrecognised (gains)/losses) | 688 | (715) |
| Other | - | - |
| Interest on bank overdraft | 83 | 94 |
| Interest on senior debt | 16,818 | 18,505 |
| Interest on linked debt | - | - |
| Other finance costs | 1,468 | 1,462 |
| Total finance costs | 18,359 | 19,863 |
2 TAXATION
Income tax recognised in the profit or loss
| Year to 30 June 2011 NZ$000 | Year to 30 June 2010 NZ$000 | |
|---|---|---|
| Current tax (benefit) | (2,713) | (4,132) |
| Deferred tax on temporary differences | 3,518 | 3,016 |
| Effect of change in tax rate | (235) | (2,743) |
| Taxation expense/(benefit) | 562 | (3,859) |
The total charge for the period can be reconciled to the accounting profit/(loss) as follows:
| Year to 30 June 2011 NZ$000 | Year to 30 June 2010 NZ$000 | |
|---|---|---|
| Operating profit/(loss) before taxation | 2,362 | (6,818) |
| Prima facie taxation @ 30% | 709 | (2,046) |
| Tax effect of expenses/(revenue) that are not deductible in determining taxable profit | 88 | 933 |
| Adjustment recognised in current year in relation to change in tax rate | (235) | (2,743) |
| Taxation expense/(benefit) | 562 | (3,856) |
The tax rate used in the above reconciliation is the corporate tax rate of 30% payable by New Zealand corporate entities on taxable profits under New Zealand tax laws. The corporate tax rate in New Zealand is changing from 30% to 28% effective from 1 July 2011. The impact of the change in tax rate has been taken into account in the measurement of deferred tax liabilities at the end of the reporting period.
Deferred tax – temporary differences
| Property, plant & equipment NZ$000 | Derivatives NZ$000 | TOTAL NZ$000 | |
|---|---|---|---|
| Balance 30 June 2009 | - | - | - |
| Charges/(credits) to profit or loss | 40,542 | (3,848) | 36,694 |
| Change in tax rate | (5,023) | (2,743) | (7,766) |
| Charged to other comprehensive income | - | - | - |
| Balance 30 June 2010 | 42,334 | (3,985) | 38,323 |
| Charges/(credits) to profit or loss | (76) | 8 | (3,516) |
| Change in tax rate | 1,239 | (456) | (236) |
| Charged to other comprehensive income | - | - | - |
| Balance 30 June 2011 | 46,670 | (14,444) | 41,327 |
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NZ Gazette 2012, No 25
✨ LLM interpretation of page content
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Standards approved but not yet effective
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🏭 Trade, Customs & IndustryFinancial Reporting Standards, Accounting, Amendments, Effective Dates
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