New Zealand Gazette – 1995 – No. 140

Page 4581

✨ Financial Statements



27 NOVEMBER NEW ZEALAND GAZETTE 4581

NOTES TO THE FINANCIAL STATEMENTS

1995 1994
$000 $000

13. TERM LIABILITIES

ECNZ Domestic Bond Programme

Face Value of Bonds on Issue | 1,566,000 | 1,566,000 |
Less: Bonds Defeased | 930,000 | - |
| 636,000 | 1,566,000 |
Less: Unamortised Discount | 44,586 | 102,041 |
| 591,414 | 1,463,959 |

Loans from Other Sources | 678,056 | 1,182,928 |
| 1,269,470 | 2,646,887 |
Less: Current Portion (note 12) | 181,955 | 1,833,613 |
Total Term Loans | 1,087,515 | 813,274 |
Total Term Liabilities | 1,087,515 | 813,274 |

All debt is ranked equally and none is convertible into equity. No security has been given in respect of term liabilities.

Summary of term liabilities by maturity:

Financial year in which liability is repayable As at 30.6.95 As at 30.6.94
$000 Interest rate pa $000
1995/1996 - - 181,955
1996/1997 11,015 10.50% 11,015
1997/1998 204,344 9.35% 11,015
1998/1999 11,015 10.50% 11,015
1999/2000 150,682 9.25% 11,015
2001/2002 581,125 11.42% 577,104
2002/2003 92,345 9.23% -
2004/2005 26,700 9.09% -
2009/2010 10,289 13.87% 10,155
1,087,515 813,274

DOMESTIC BOND PROGRAMME

The Corporation offers bonds to institutional and retail investors pursuant to its Domestic Bond Programme. Bonds outstanding have interest rates ranging from 8% to 10% per annum and maturity dates between June 1996 and April 2009. The Bonds are issued under a Trust Deed dated 23 August 1988 made between the Corporation and The New Zealand Guardian Trust Company Limited as trustee. Under the terms of the trust deed the Corporation has given a negative pledge that so long as any bond remains outstanding it will not, subject to certain exceptions, create or permit to exist any charge over any of its assets to secure any securities issued by it or any guarantee given by it of any securities issued by any other person unless the benefit of such charge is extended equally and rateably to the bonds or to any guarantee of the bond moneys given by it or there is provided to the bondholders such other security as may be approved by an extraordinary resolution of bondholders.

INTEREST RATE REPRICING

ECNZ has entered into a number of long term borrowings at fixed rates, which have been swapped into repricing periods earlier than maturity through the use of interest rate swaps. ECNZ’s remaining financial assets and liabilities have the same repricing and maturity profiles and are not interest rate sensitive.

The interest repricing profile for ECNZ on and off balance sheet financial liabilities is as follows:-

1995 1994
$000 $000
Within One Year 332,996 170,940
Between One and Two Years 130,060 -
Between Two and Three Years 11,015 11,015
Between Three and Four Years 11,015 11,015
Between Four and Five Years 11,015 11,015
Later than Five Years 591,414 598,274
1,087,515 813,274


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

🏭 Trade, Customs & Industry
Electricity, Financial Statements, Term Liabilities, Bonds, Loans, Interest Rates, Maturities