ANNUAL REPORT 2021-22
48
3.
REVENUE
4.
Revenue recognised over time
Electricity sales
Deferred grant income
Other income recognised at a point in time
Other income
Interest income
EXPENSES
Profit/(loss) before income tax includes the following specific expenses:
(a)
ADMINISTRATIVE EXPENSES
Employee benefits expense
Depreciation and amortisation
Other administrative costs
Total administrative expenses
(b)
DEPRECIATION AND AMORTISATION
Included in cost of energy:
Property, plant and equipment
Intangible assets
Not included in cost of energy:
Property, plant and equipment
Intangible assets
ANNUAL REPORT 2021-22
ANNUAL REPORT 2021-22
2022
2021
2022
2021
$'000
$'000
5.
INCOME TAX EQUIVALENT EXPENSE
$'000
$'000
287,985
261,563
3,333
3,333
291,318
264,896
13,371
3,988
136
105
13,507
4,093
11,827
12,534
2,138
2,640
15,131
12,663
29,096
27,837
(a)
INCOME TAX EXPENSE
Current tax expense
Adjustment recognised for prior periods
Deferred income tax
Movement in deferred tax assets
Movement in deferred tax liabilities
Total deferred tax expense
Income tax expense
5,563
(273)
665
3,374
739
1,531
1,404
4,905
6,967
4,632
(b)
RECONCILIATION OF INCOME TAX EXPENSE TO PRIMA FACIE TAX PAYABLE
Net profit before tax
23,898
15,491
6.
19,908
19,004
274
20,182
275
19,279
2,032
2,593
106
2,138
47
2,640
Total depreciation and amortisation
22,320
21,919
IMPAIRMENT OF ASSETS
Impairment expense
5,319
74
Total net impairment of assets
5,319
74
(d)
FINANCE COSTS
Interest and finance charges
(e)
Total finance costs
EMPLOYEE BENEFITS EXPENSE
7,533
7,114
7,533
7,114
*
Employee benefits expense
36,029
33,036
Total employee benefits expense
36,029
33,036
* Includes all employee-related costs, including those costs that form part of cost of energy and part of administrative expenses.
Tax expense at the statutory income tax rate of 30%
7,169
4,647
Tax effect of amounts which are not deductible/(taxable) in calculating taxable income
(202)
258
Adjustment recognised for prior periods
(273)
Current equivalent tax expense
6,967
4,632
CASH AND CASH EQUIVALENTS
Cash at bank
Cash and cash equivalents
67,122
67,122
58,567
58,567
A $20 million overdraft facility has been approved from 1 July 2021 and is available to manage short term operational cash
requirements.
49View entire presentation