NEW ZEALAND GAZETTE

30 Jun 1994

No. 125

30 Jun 1994

$000

Trade creditors

• Trade creditors 27,215
• Trade creditors ECNZ 18,757
• Provisions 7,215
• Provision for deferred tax 13
• Provision for current tax (2,698)

Total Current Liabilities 51,923

Reconciliation of provision for current tax payable:

• Current period tax payable 15,890
• Prior period tax payable 6,412
• Provisional tax payments during the year (25,000)

Total provision for current tax payable (2,698)

12. LONG TERM LIABILITY

30 Jun 1994 $000

Balance of the provision at beginning of the period 880
Provided for the period 3,520

Balance of the provision at end of the period 4,400

This provision represents deferred maintenance on the HVDC submarine Cook Strait cables. This maintenance is expected to be undertaken in 1996 and 1997.

13. DEBT

30 Jun 1994 $000

• Debt repayable on demand 1,586,967
• Current portion of term debt 151,966
• Between 1–2 years 0

Total Debt 1,738,933

Average Interest Rates at Balance Date

30 Jun 1994 %

• Debt repayable on demand 7.45
• Current portion of term debt 10.48
• Between 1–2 years n/a

No securities have been given with respect to the Group’s indebtedness.

On 1 July 1994 the Group repaid $1,586,967,000 of debt to ECNZ. This debt was replaced by $1,588,000,000 borrowed by Trans Power Finance Limited. These funds were advanced by the Debt Management Office on behalf of the Crown. This borrowing is at current market rates and is repayable within the next 3 years.

14. SHAREHOLDERS' AND OTHER EQUITY FUNDS

30 Jun 1994 $000

Authorised and Issued Capital

Balance at the beginning of the period
1,000,000,000 ordinary shares of $1 each fully paid up 512,280
Call made on 487,720,000 ordinary $1 shares during the period 487,720
Issue of 200,000,000 fully paid ordinary shares of $1 each 200,000

Balance at the end of the period

1,200,000,000 ordinary shares of $1 each fully paid up 1,200,000

Reserves

• Capital redemption reserve 8
• Retained earnings

Total Shareholders' Funds 1,200,008

Other Equity Funds

Redeemable preference shares

• Balance at the beginning of the period: 8,170 redeemable preference shares of $1 each 8

Issued during the period 0
Redeemed during the period 8,170 redeemable preference shares of $1 each (8)

Balance at the end of the period 0

Redeemable preference share premium

• Balance at the beginning of the period: 8,170 shares at $99,999 per share 816,992
• Issued during the period 0
• Redeemed during the period 8,170 shares at $99,999 per share (816,992)

Balance at the end of the period 0

Total Other Equity Funds 0

Total Shareholders' and Other Equity Funds 1,200,008

On 1 July 1992, 8,170 $1.00 redeemable preference shares were allotted to Power Securities Limited, a subsidiary of ECNZ. A premium of $99,999 was paid on each share. The amount of dividend payable in respect of each redeemable preference share was calculated at 8.50 per cent on the $100,000 issue price.

The redeemable preference shares did not confer any right to vote except whilst there was default in payment of a dividend or if there was a failure by the Company to pay the Redeemable Amount when required to. The redeemable preference shares were repayable at the option of the holders of the shares and ranked in priority to ordinary shares in both dividends and redemption amount. Unless the holder notified the Company that it did not wish redemption to take place, the shares were to be redeemed on the last business day prior to the date on which the Company ceased to be a wholly owned subsidiary of ECNZ.

On 30 June 1994, the redeemable preference shares were redeemed for the full issue price of $100,000 per share.

15. CAPITAL COMMITMENTS

30 Jun 1994 $000

Capital commitments in respect of contracts for capital expenditure:

• Within one year 23,681
• One to two years 2,643