New Zealand Gazette – 1996 – No. 174

Page 4590

✨ Financial Statements

4590 NEW ZEALAND GAZETTE No. 174

ELECTRICITY CORPORATION OF NEW ZEALAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

	1996 $M	1995 $M

9. CURRENT LIABILITIES

Subsidiary Companies | 1 | 54 |
Accounts Payable | 126 | 101 |
Dividend Payable (note 5) | 140 | 146 |
Taxation Payable | 5 | 1 |
Accrued Personnel Costs | 9 | 6 |
Loans Repayable within One Year | 234 | 289 |
Other Current Liabilities | 57 | 72 |

Total Current Liabilities | 572 | 669 |

10. TERM LIABILITIES

ECNZ Bond Programme

Face Value of Bonds on Issue | 636 | 1,566 |
Fair Valuation (note 27) | 45 | - |
| 681 | - |
Less: Bonds Defeased (note 19) | 70 | 930 |
| 611 | 636 |
Less: Unamortised Discount | 36 | 45 |
| 575 | 591 |

Loans from Other Sources | 497 | 678 |
Less: Loans Defeased (note 19) | 349 | - |
| 148 | 678 |

                        | 723     | 1,269   |

Less: Current Portion | 7 | 182 |

Total Term Liabilities | 716 | 1,087 |

Term Liabilities are Repayable as follows:

Between One and Two Years | 35 | 11 |
Between Two and Three Years | 8 | 204 |
Between Three and Four Years| 58 | 11 |
Between Four and Five Years | 8 | 151 |
Later than Five Years | 607 | 710 |
| 716 | 1,087 |

Interest rates payable, after giving effect to interest rate swaps, forward rate agreements and interest rate options on term liabilities, range from 8.34% to 9.60% (1995: 8.31% to 13.87%).

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VUW Te Waharoa — NZ Gazette 1996, No 174

NZLII — NZ Gazette 1996, No 174

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✨ LLM interpretation of page content

🏭 Electricity Corporation Financial Position (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Current Liabilities, Term Liabilities, Bonds, Loans

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