Jump to content

• Shareholder Review
• Spark Infrastructure
• Corporate Structure
• Performance Highlights
• Chairman's Message
• CEO's Report
• At a Glance
• Review of Operations
• Corporate Responsibility
• Quality People
• Board of Directors

• Annual Report

 

CONSOLIDATED COMPANY
2008 2007 2008 2007
$’000 $’000 $’000 $’000
2. Profit for the Year
a) Income
Income from Associates:
— Share of equity accounted profits 135,822 131,239 – –
— Interest income 88,839 93,578 – –
224,661 224,817 – –
b) Expenses
Interest expense – other:
— Interest and other associated costs on senior debt 28,967 27,921 – –
c) General and Administrative Expenses
Directors’ fees – short term benefits 932 938 311 312
Directors’ fees – post employment benefits 32 32 10 11
Due diligence cost relating to unsuccessful acquisitions written off – 1,790 – –
Other expenses 2,332 2,442 633 530
3,296 5,202 954 853
3. Income Taxes
a) Income Tax Recognised in Profit or Loss
Tax expense/(benefit) comprises:
Deferred tax benefit (4,456) (16,192) (286) (256)
Deferred tax expense 27,617 5,520 – –
Total tax expense/(benefit) 23,161 (10,672) (286) (256)
Attributable to:
Continuing operations 23,161 (10,672) (286) (256)
The prima facie income tax expense/(benefit) on pre-tax accounting
profit/(loss) from operations reconciles to the income tax expense/
(benefit) in the Financial Statements as follows:
Profit/(loss) from continuing operations 32,614 46,260 (954) (853)
Income tax expense/(benefit) calculated at 30% 9,784 13,878 (286) (256)
Tax effect on operating results of Spark Trust (Note 1(j)) (2,219) (2,219) – –
Offsets from unused tax losses bought to account (340) (6,395) – –
Tax expense/(benefit) in respect of losses for items directly
recognised in equity – – – –
— Write down of deferred tax assets 15,936 – – –
— Previously unrecognised and unused tax losses, recognised
as deferred tax assets – (15,936) – –
Income tax expense/(benefit) 23,161 (10,672) (286) (256)
The tax rate of 30% used above is the current Australian corporate tax rate. There has been no change in the corporate tax rate during the
Financial Year.

 

Go to top