Port Nelson Annual Report 2012 (pdf)

notes to the accounts
notes
note 1: operating revenue
2012 2011
Includes the following revenue: $000 $000
port operations
Port Operations 32,815 32,368
Gain on Sale of Assets 18 3
Total Port Operations 32,833 32,371
property
Property Leases and Licences 4,996 4,910
Investment Property 978 1,027
Total Property 5,974 5,937
Total operating Revenue 38,807 38,308
All revenue relates to continuing operations.
note 2: other operational and property expenses
2012 2011
Includes the following expense: $000 $000
Administration Related 3,206 2,323
Audit Fees - Prior Year - 10
Audit Fees - Current Year 58 57
Bad Debts Written Off 5 13
Directors’ Fees 228 216
Donations/Corporate Sponsorship 151 146
Net Fair Value Write-Down on Investment Property 155 415
Goodwill Write-down in Associate - 258
Investment Property Expenses 15 17
Loss on Sale of Assets 85 145
Operating Leases 18 22
Other Operating Expenses 8,533 8,584
Total Expense 12,455 12,206
All expenses relate to continuing operations.
note 3: provision for taxation
2012 2011
$000 $000
Current Tax 3,200 3,361
Prior Year Adjustment (351) 35
Deferred Tax (622) (134)
Deferred Tax Adjustment for Reduction in Tax Rate - 20
Deferred Tax Adjustment for Reinstatement of Tax Depreciation on Buildings (654) 114
TAX EXPENSE 1,573 3,396
Profit from Continuing Operations 11,940 9,980
Tax at 28% (2011: 30%) 3,343 2,994
Prior Year Adjustment (351) 35
Non Deductible Expenses 108 268
Non Taxable Income (633) (35)
Deferred Tax Adjustment for Reduction in Tax Rate - 20
Deferred Tax Movement (240) -
Deferred Tax Adjustment for Reinstatement of Tax Depreciation on Buildings (654) 114
TAX EXPENSE 1,573 3,396
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