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 4 : E X P L A N A T I O N O F T R A N S I T I O N T O N E W Z E A L A N D E Q U I V A L E N T S T O I F R S A S A T T H E D A T E O F T R A N S I T I O N T O N Z I F R S : 1 J U L Y 2 0 0 5 ( . . . c o n t i n u e d ) (c) Deferred Tax Liability $000 Opening 1,558 Reversal of Existing NZ GAAP (1,558) 1 J U L Y 2 0 0 5 N Z I F R S L I A B I L I T Y 3,894 Consisting of: Deferred Tax Asset (640) Deferred Tax Liability 4,534 1 J U L Y 2 0 0 5 N Z I F R S L I A B I L I T Y 3,894 At Transition a temporary difference of $12,893,000 existed between the total tax base value of depreciable assets and the total carrying value of the same assets. A Deferred Tax Liability of $4,534,000 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 $279,000 relating to the temporary differences between tax base value of depreciable assets and the carrying value of those assets, $318,000 relating to the Employee Entitlements and $43,000 relating to the Hedging Liability was netted. The Deferred Tax asset of $640,000 has been netted against the Deferred Tax Liability as per NZIAS 12 (74). (d) Retained Earnings $000 Opening 16,894 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 (1,108) 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 in (e) (1,319) IFRS transition adjusting entry (209) C L O S I N G 26,749 The Deferred Tax Liability balance at Transition ($1,588,000) relating to Retained Earnings amounting to $1,259,000 has been adjusted against Retained Earnings within the Deferred Tax Liability Adjustment. (e) Asset Revaluation Reserve $000 Opening 47,551 Revaluation of PPE 27,455 Transfer from Retained earnings of credit balances relating to individual assets previously netted-off on a class basis 1,108 Transfer of accumulated revaluation increments for Investment Property (5,763) Reversal of existing NZ GAAP Deferred Tax Liability balance at Transition 329 Deferred Tax Liability adjustment on depreciable revaluations on 1 July 2005 (2,616) IFRS transition adjusting entry 209 C L O S I N G 68,272 The total revaluation increase of $32,924,000 consisted of $28,562,000 relating to PP&E and $5,469,000 relating to Investment Property. The revaluation increment required an adjustment to reflect the Deferred Tax Liability effect on the depreciable assets revalued at 1 July 2005. The adjustments resulted in a net $20,721,000 increase to the Revaluation Reserve account. 4 2
Board of Directors A.O. Patterson Chairman T.B. King P.V. Lough Deputy Chairman and Chairman Remuneration Committee P.K. Matheson B. Monopoli P.M. Schuyt Chairman Finance and Risk Committee Secretary P.J. Pittar Executive Officers M.J. Byrne Chief Executive Officer K.M. Barnett Human Resources & Quality Manager R.J. Carter Infrastructure Manager P.N. Francois Cargo Operations Manager P.J. Pittar Chief Commercial Officer C.J. Shand Tasman Bay Stevedoring Manager R.J. Skucek Maritime Operations Manager C.E. Williams Marketing Manager D I R E C T O R Y Registered Office 10 Low Street, Port Nelson PO Box 844, Nelson 7040 New Zealand Tel. (03) 548 2099 Fax. (03) 546 9015 mail@portnelson.co.nz www.portnelson.co.nz Auditors Audit New Zealand, on behalf of the Office of the Auditor General Solicitors Pitt & Moore Barristers & Solicitors PO Box 42 Nelson 7040 J.A. Levenbach Barrister & Solicitor PO Box 35 Nelson 7040 Simpson Grierson Barristers & Solicitors PO Box 2402 Wellington 6140 Bankers Westpac Banking Corporation PO Box 643 Nelson 7040 4 3
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 41: N O T E S T O T H E A C C O U N T S

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