New Zealand Gazette – 1994 – No. 128

Page 3835

✨ Financial Statements Notes



30 NOVEMBER NEW ZEALAND GAZETTE 3835

NOTES TO THE FINANCIAL STATEMENTS

June 1994
$000

11. CURRENT LIABILITIES

Creditors
Subsidiary companies 18,127
Trade 82,827
Other 23,417
Interest payable 65,335
Short term loans 90,017
Current portion of term loans (note 12) 1,833,613
Provision for taxation 39,718
Provision for preference dividend (notes 5 & 27) 437,250
Provision for ordinary dividend (note 5) 170,112
Total current liabilities 2,760,416

12. TERM LIABILITIES

ECNZ bond programme
Face value of bonds on issue 1,566,000
Less: Unamortised discount 102,041
1,463,959

Loans from other sources 1,182,928
2,646,887
Less: Current portion (note 11) 1,833,613
Total term liabilities 813,274

Term loans are repayable as follows:

Between one and two years 181,955
Between two and three years 11,015
Between three and four years 11,015
Between four and five years 11,015
Later than five years 598,274
813,274

Interest rates payable on term liabilities range from 7.46% to 13.87%

ECNZ bonds

The Corporation offers bonds (ECNZ bonds) to institutional and retail investors. These are issued as zero coupon, indexed and callable bonds and are offered for a term of from two to fifteen years. The interest or discount rate on offer, as the case may be, is generally adjusted relative to New Zealand Government debt securities and, upon issue of the ECNZ bonds, is fixed for the period of the investment.

ECNZ bonds are issued under a trust deed with The New Zealand Guardian Trust Company Limited dated 23 August 1988, whereby the Corporation and certain of its subsidiaries (the "Guaranteeing Group") have given a negative pledge that while any of the ECNZ bond debt remains outstanding they will not, subject to certain exceptions, create or permit to exist any charge or lien over any of their respective assets. Each member of the Guaranteeing Group has guaranteed the payment of the ECNZ bond debt, including interest. The Guarantee Group at 30 June 1994 consisted of only the Parent Company. ECNZ bonds have interest rates ranging from 8% to 10% and maturity dates between June 1996 and April 2009.

Negative Pledge

In addition to the negative pledge given in the Trust Deed for ECNZ bonds dated 23 August 1988, the Guaranteeing Group has given undertakings that it will not create or permit to exist any security interest on its assets as security for any other indebtedness.



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🌾 Electricity Corporation of New Zealand Limited Financial Statements (continued from previous page)

🌾 Primary Industries & Resources
Financial statements, Term assets, Fixed assets, Valuations, Current liabilities, Term liabilities, ECNZ bonds