New Zealand Gazette – 1995 – No. 140

Page 4587

✨ Financial Statements

NEW ZEALAND GAZETTE

27 NOVEMBER 4587

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

25. INVESTMENTS

Company Name	Percentage Interest	Principal Activity	Balance Date

Subsidiary Companies
As at balance date the significant subsidiaries, all wholly owned, were as follows:

Associate Entities

26. SEGMENTAL INFORMATION

ECNZ operates predominantly in one industry, the generation and wholesale marketing of electricity. Its operations are carried out predominantly in New Zealand and are therefore within one geographical segment for reporting purposes.

27. LONG TERM CONTRACTS

Take or pay gas purchase contract
ECNZ has entered into a contract with the Crown whereby ECNZ is committed to purchase gas contract quantities from 1 July 1995 to 27 June 2009. Under the terms of the contract ECNZ is required to pay for a minimum quantity of gas in each contract year, whether or not ECNZ takes that quantity of gas. Prepayments for gas not taken entitle ECNZ to gas in subsequent years without further payments.

As at 30 June 1995 the aggregate amount of the minimum take or pay payments was as follows:

Year Ending	$'000
June 1996	96,870
June 1997	104,320
June 1998	104,320
June 1999	96,870
June 2000	89,420
Later years	894,180
Total	1,385,980

In addition, under the terms of the contract ECNZ is required to pay the Crown a margin based on the minimum quantity of gas in each contract year until 27 June 2009, whether or not ECNZ takes that quantity or takes more than the minimum quantity of gas. However the Crown will refund the margin under certain specified circumstances. As at 30 June 1995 the aggregate amount of the Crown margin payments was as follows:

Year Ending	$'000
June 1996	41,700
June 1997	41,700
June 1998	41,700
June 1999	39,290
June 2000	36,090
Later years	246,190
Total	446,670

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VUW Te Waharoa — NZ Gazette 1995, No 140

NZLII — NZ Gazette 1995, No 140

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsElectricity, Financial Statements, Investments, Subsidiary Companies, Associate Entities, Segmental Information, Long Term Contracts

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