Port Nelson Annual Report 2007 (pdf)

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N O T E S T O T H E A C C O U N T S N O T E 2 1 : I M P U T A T I O N C R E D I T S Imputation Credits Available to Shareholders: 2007 2006 $000 $000 Opening Balance 9,338 8,491 Tax Paid 3,176 3,310 Credits Attached to Dividends Paid (1,822) (2,463) C L O S I N G B A L A N C E 10,692 9,338 N O T E 2 2 : E V E N T S O C C U R R I N G A F T E R B A L A N C E D A T E Subsequent to balance date Port Nelson entered into an agreement to purchase a number of properties and divest a number of other properties with a single counterparty. This transaction resulted in the company obtaining freehold title to a number of strategic properties while divesting a number of non strategic properties. Settlement was 31 July 2007. The net effect of this transaction was that Port Nelson acquired an additional $2,887,000 of non current assets. N O T E 2 3 : R E C O N C I L I A T I O N B E T W E E N N Z I F R S A N D N Z G A A P A S A T 3 0 J U N E 2 0 0 6 Effect of Previous transition to NZGAAP NZIFRS NZIFRS Notes $000 $000 $000 C U R R E N T A S S E T S Cash and Cash Equivalents 2,484 - 2,484 Receivables 3,011 - 3,011 Inventory 363 - 363 Prepayments 343 - 343 Tax Refund 32 - 32 Hedging Assets a - 78 78 6,233 78 6,311 L E S S C U R R E N T L I A B I L I T I E S Bank Accounts Payable 1,453 - 1,453 Employee Entitlements 1,050 - 1,050 Provision for Dividend 2,700 - 2,700 Hedging Liability - - - 5,203 - 5,203 W O R K I N G C A P I T A L 1,030 78 1,108 N O N C U R R E N T A S S E T S Property, Plant and Equipment b 136,336 (709) 135,627 Investment Property 13,983 - 13,983 Intangible Assets b - 709 709 N O N C U R R E N T L I A B I L I T I E S 150,319 - 150,319 Employee Entitlements 202 - 202 Deferred Tax Liability c 3,663 157 3,820 Term Loan 19,000 - 19,000 22,865 157 23,022 T O T A L N E T A S S E T S 128,484 (79) 128,405 3 8 E Q U I T Y Issued Capital 31,046 - 31,046 Retained Earnings d 18,469 10,566 29,035 Proposed Dividend Reserve - - - Asset Revaluation Reserve e 78,969 (10,697) 68,272 Hedging Reserve a - 52 52 T O T A L E Q U I T Y 128,484 (79) 128,405
N O T E S T O T H E A C C O U N T S N o t e s t o t h e R e c o n c i l i a t i o n s 3 0 J u n e 2 0 0 6 (a) Hedging Liability Port Nelson qualifies for treatment of its financial derivatives as Cash Flow Hedges per NZ IAS 39. At 30 June 2006 Port Nelson had a $78,000 Hedging Asset. Effect of movement: Effect of Previous transition to NZGAAP NZIFRS NZIFRS $000 $000 $000 Hedging Asset - 78 78 Deferred Tax Liability - (26) (26) Hedging Reserve - 52 52 (b) Intangibles The effect of the reclassifications as at 30 June 2006 are as below. Effect of transition to Previous NZIFRS NZGAAP Reclassification NZIFRS 30 June 2006 $000 $000 $000 I N T A N G I B L E S 709 (709) - Software (Intangibles) 709 (709) - Intangibles in the nature of software amounting to $709,000 have been reclassified as Intangibles. (c) Deferred Tax Liability $000 Opening 3,663 Reversal of existing NZ GAAP (3,663) 3 0 J U N E 2 0 0 6 N Z I F R S L I A B I L I T Y 3,820 Consisting of: Deferred Tax Asset (805) Deferred Tax Liability 4,625 3 0 J U N E 2 0 0 6 N Z I F R S L I A B I L I T Y 3,820 At 30 June 2006 a temporary difference of $12,602,000 existed between the total tax base value of depreciable assets and the total carrying value of the same assets. A Deferred Tax Liability of $4,625,000 in relation to the temporary difference between the value of the asset bases was established requiring an increase to the Deferred Tax Liability. Against the increase in Deferred Tax Liability, a Deferred Tax Asset of $466,000 relating to the temporary differences between tax base value of depreciable assets and the carrying value of those assets and $339,000 relating to the Employee was netted. The Deferred Tax asset of $805,000 has been netted against the Deferred Tax Liability as per NZIAS 12 (74). (d) Retained Earnings 30 June 2006 $000 NZ GAAP 18,469 Investment Property revaluation 1/7/05 5,469 Transfer of balance previously attributable to Investment Property from Revaluation Reserve 5,763 Transfer from Revaluation Reserve of debit balances relating to individual assets previously netted off on a class basis (1,109) Reversal of existing NZ GAAP Deferred Tax Liability balance at Transition 1,259 Deferred Tax Liability adjustment on differing tax bases as at 1 July 2005 excluding revaluations (1,319) Reversal of Investment Property revaluation at 30 June 2006 previously transferred to Revaluation Reserve 712 NZ IFRS transition adjusting entry (209) 3 0 J U N E 2 0 0 6 N Z I F R S R E T A I N E D E A R N I N G S 29,035 3 9
Page 1 and 2: 2 0 0 7 A N N U A L R E P O R T
Page 3 and 4: “During the Noise Variation proce
Page 5 and 6: P E R F O R M A N C E R E V I E W -
Page 7 and 8: “We work in a hectic environment
Page 9 and 10: Port Nelson’s support of the Nels
Page 11 and 12: “Watching the SZAP 5 descend bene
Page 13 and 14: “When the topic of Environmental
Page 15 and 16: “I’m proud to work for a compan
Page 17 and 18: F I N A N C I A L R E P O R T 2 0 0
Page 19 and 20: S T A T U T O R Y I N F O R M A T I
Page 21 and 22: S T A T E M E N T O F C O R P O R A
Page 23 and 24: S T A T E M E N T O F F I N A N C I
Page 25 and 26: S T A T E M E N T O F C A S H F L O
Page 27 and 28: S T A T E M E N T O F A C C O U N T
Page 29 and 30: N O T E S T O T H E A C C O U N T S
Page 37: N O T E S T O T H E A C C O U N T S
Page 43 and 44: Board of Directors A.O. Patterson C

Port Nelson Annual Report 2007 (pdf)

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