New Zealand Gazette – 1995 – No. 140

Page 4578

✨ Financial Statements



4578

NEW ZEALAND GAZETTE

No. 140

NOTES TO THE FINANCIAL STATEMENTS

  1. DIVIDENDS

Redeemable Cumulative Preference Shares
Dividend Provided at 8.625% per annum

12 months
ended
June 1995
$000

12 months
ended
June 1994
$000

  • 69,000

Ordinary Shares
Interim Dividend Paid
110,222
134,000

Final Dividend recommended by Directors
146,557
170,112

256,779
304,112

Special Dividend Paid
600,000
116,000

Ordinary Dividends Paid or Provided
856,779
420,112

Total Dividends Paid or Provided
856,779
489,112

The preference dividend was payable on the total paid up amount of the preference shares, including the share premium (note 15). In accordance with their terms of issue, preference dividends were accumulated (note 12) 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 ECNZ or its subsidiaries. The accumulated balance to 30 June 1994 of $437 million, together with the preference capital of $800 million, was paid on 1 July 1994 from the proceeds of the sale of the shares in Trans Power New Zealand Limited to the Crown.

The special dividend of $600 million paid on 30 June 1995 was predominantly from earnings that had been retained in prior years. The special dividend of $116 million paid on 30 June 1994 resulted from a prior period adjustment made in the 1992/93 financial year.

  1. CURRENT ASSETS

Bank Balance, Call Deposits and Cash
(411)
3,200

Short Term Deposits
2,427
54,484

Trade Debtors:
Sales of Electricity
194,406
199,881

Subsidiary Companies
5,618
29,166

Other
16,049
9,923

Total debtors
216,073
238,970

Interest Receivable
4,764
243

Prepayments:
Gas Provision
17,000

Other
4,054
4,989

Inventories:
Fuel Stock
39,890
40,730

Consumable Spares
38,657
37,478

Total Inventories
78,547
78,208

Total Current Assets
322,454
380,094



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

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Dividends, Current Assets, Accounting