✨ Financial Statements Notes
NEW ZEALAND GAZETTE
30 NOVEMBER
3833
NOTES TO THE FINANCIAL STATEMENTS
12 months ended
June 1994
$000
5. DIVIDENDS
Redeemable cumulative preference shares
Dividend provided at 8.625% per annum
69,000
The preference dividend is payable on the total paid up amount on these shares, including a share premium (note 14). In accordance with their terms of issue, preference dividends were accumulated (note 11) on the basis that they would be paid when the interest cover ratio equalled or exceeded 2.25 times, or out of the proceeds of sale of substantial assets by the Corporation or its subsidiaries. The current year’s preference dividend of $69 million, and the outstanding accumulated balance to 30 June 1993 of $368.25 million, were paid on 1 July 1994 from the proceeds of the sale of Trans Power New Zealand Limited. (note 27)
Ordinary shares
Interim dividend paid
134,000
Final dividend recommended by Directors (note 11)
170,112
Ordinary dividends paid or provided
304,112
Special dividend paid
116,000
Total dividends paid or provided
489,112
The special dividend of $116 million resulted from a prior period adjustment made in the 1992/93 financial year.
6. IMPUTATION CREDIT ACCOUNT
Opening balance
92,002
Plus:
Income tax paid
141,000
Imputation credit attached to dividends received
642
Less:
Imputation credit attached to dividends paid to shareholder
70,304
Other debits
110
Closing balance
163,230
7. CURRENT ASSETS
Cash at bank and call deposits
3,200
Short term deposits
54,484
Debtors
Sales of electricity
199,881
Subsidiary companies
29,166
Other
9,923
Interest receivable
243
Prepayments
4,989
Stocks
Fuel stock
40,730
Consumable spares
37,478
Total current assets
380,094
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VUW Te Waharoa —
NZ Gazette 1994, No 128
NZLII —
NZ Gazette 1994, No 128
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Electricity Corporation of New Zealand Limited Financial Statements
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🌾 Primary Industries & ResourcesFinancial statements, Dividends, Imputation credits, Current assets