MetService - Annual Report 2011 - Crown Ownership Monitoring Unit

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Financial statements Notes to the financial statements for the year ended 30 June 2011 (cont.) Group 2011 Group 2010 Parent 2011 Parent 2010 2. Operating revenue / expenditure $000s $000s $000s $000s Profit / (Loss) for the year has been arrived after charging/(crediting): Audit Fees 87 83 37 37 Loss on Disposal of Property, Plant and Equipment 1 133 1 116 Directors’ Fees 158 167 158 167 Bad Debts Recovered (24) – – – Software Development Expenditure 136 42 7 40 FX losses / (gains) 129 258 – 33 Group 2011 Group 2010 Parent 2011 Parent 2010 3. Employee benefits expense $000s $000s $000s $000s Wages and Salaries 21,135 20,039 15,947 16,172 Termination Benefits 7 29 7 29 Defined Contribution Expense 277 227 277 227 Labour Capitalised (4,179) (2,831) (3,195) (2,606) Contractors / Temporary Staff 569 413 344 340 Other Employee Benefits 628 501 589 478 TOTAL Employee Benefits 18,437 18,378 13,969 14,640 Group 2011 Group 2010 Parent 2011 Parent 2010 4. Finance costs – Net $000s $000s $000s $000s Interest Revenue Bank Deposits 5 16 2 15 IRD – Use of Money Interest – 24 – 24 Total Finance Income 5 40 2 39 Interest on Bank Overdrafts and Loans 829 498 829 497 Total Finance Costs 829 498 829 497 Finance Costs – Net 824 458 827 458 32 Meteorological Service of New Zealand Ltd Annual Report 2011
Group 2011 Group 2010 Parent 2011 Parent 2010 5. Taxation $000s $000s $000s $000s Net Profit / (Loss) Before Taxation 4,135 4,273 491 (1,274) Prima Facie Taxation Thereon at 30% 1,238 1,282 147 (382) Non-deductible Legal Fees 32 8 32 – Non-deductible Entertainment 10 9 8 7 Non-assessable Inter-company Dividends – – (2,100) (1,500) Non-assessable Government Grant (31) (48) (26) (48) Prior Period Adjustment (10) 2 10 223 Effect of Change in Building Tax Depreciation on Deferred Tax (321) 606 (321) 603 Effect of Changes in Tax Rates 37 (23) 45 (21) Effect of Different Tax Rates in Other Jurisdictions 1 – – – Other 49 (6) (6) 5 Taxation Expense / (Benefit) 1,005 1,830 (2,211) (1,113) Prior Year Adjustment (10) 2 10 223 Current Taxation 1060 1,181 (2,082) (2,007) Deferred Taxation (45) 647 (139) 671 Taxation Expense / (Benefit) 1,005 1,830 (2,211) (1,113) Deferred tax Deferred tax (liabilities)/assets arise from the following: Temporary differences Property, Plant and Equipment (829) (902) (795) (890) Intangible Assets (221) (172) (112) (111) Other Financial Assets – (11) – – Provisions and Other Liabilities 653 718 644 706 Doubtful Debts 9 56 – – Weather Commerce Loss for the Period 15 – – – (373) (311) (263) (295) Deferred Taxation Opening Balance (311) 409 (295) 439 On Profit / (Loss) for the Year (239) (63) (137) (88) Prior Period Adjustment (107) (73) (107) (64) Effect of Change in Building Tax Depreciation on Deferred Tax 321 (606) 321 (603) Effect of Changes in Tax Rates (37) 22 (45) 21 Closing BALANCE (373) (311) (263) (295) Deferred Tax to be Recovered at 30% 613 604 579 592 Deferred Tax to be Recovered at 28% (986) (915) (842) (887) (373) (311) (263) (295) Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. The Parent recognised a loss for the year ended 30 June 2011, however the Parent and its subsidiaries form part of a consolidated tax group and the Directors believe that it is probable that the Group will generate future taxable profits against which the temporary differences will be utilised. A reduced corporate tax rate of 28% will apply from the 2011/2012 income tax year. Meteorological Service of New Zealand Ltd Annual Report 2011 33
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Page 3 and 4: clouds 02 ckloads of roads safer 06
Page 5 and 6: Meteorological Service of New Zeala
Page 7 and 8: We’re here to talk about... Order
Page 9 and 10: Meteorological Service of New Zeala
Page 11 and 12: We’re here to talk about... Backi
Page 13 and 14: We are New Zealand’s weather auth
Page 15 and 16: Energy sales Metra’s relationship
Page 17 and 18: • A devastating tornado in Albany
Page 19 and 20: Directors’ report18 Financial sta
Page 21 and 22: • an annual Business Plan and Sta
Page 23 and 24: Financial statements Statements of
Page 25 and 26: Statements of Changes in Equity for
Page 27 and 28: Statements of Cash Flows for the ye
Page 29 and 30: Jointly controlled entities The Gro
Page 31 and 32: Termination leave The liability for
Page 33: The only financial liabilities at F
Page 37 and 38: Group 2011 Group 2010 Parent 2011 P
Page 41 and 42: 15. Subsidiaries Details of the Gro
Page 49 and 50: 25. cash and cash equivalents For t
Page 51 and 52: 26. financial instruments (continue
Page 53 and 54: Auditor’s report PricewaterhouseC
Page 55 and 56: Notes to the Financial Key Performa
Page 57 and 58: Notes to the Non-Financial Key Perf
Page 59 and 60: Design: Designworks. Copywriting /

MetService - Annual Report 2011 - Crown Ownership Monitoring Unit

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