✨ Financial Statements Notes
3914 NEW ZEALAND GAZETTE No. 165
TRANSPOWER NEW ZEALAND LIMITED GROUP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 1997
11. CURRENT LIABILITIES (cont.)
| 1997 | 1996 | |
|---|---|---|
| $000 | $000 |
Reconciliation of provision for current tax payable:
Tax payable in the current year (refer Note 7)
30,271
32,131
Provisional tax payments made during the year
(37,700)
(27,400)
Under provision in prior years
12,256
14,362
Total provision for current tax payable
4,827
19,093
12. LONG TERM DEBT
| 1997 | 1996 | |
|---|---|---|
| $000 | $000 |
Between one to two years
225,764
14,078
Between two to five years
434,348
312,719
Greater than five years
671,068
906,619
Total Long Term Debt
1,331,180
1,233,416
The following loan arrangements included within long term debt have a face value as follows:
| 1997 | 1996 | |
|---|---|---|
| $000 | $000 |
Bonds
622,583
622,448
Euro medium term notes
722,682
610,968
Crown loan
-
200,000
Total
1,345,265
1,433,416
The nature of security provided against amounts borrowed is as follows:
Bonds
Bonds are issued under a trust deed dated 6 April 1995 between Transpower, the Initial Guaranteeing Subsidiaries (including Transpower Finance Limited) and The New Zealand Guardian Trust Company Limited. Pursuant to the trust deed, Transpower, Transpower Finance Limited and Transpower Finance Limited’s fellow subsidiaries (the “Guaranteeing Group”) have given a negative pledge that while any of the stock issued under the trust deed 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 all amounts payable on redemption or repayment of the Bonds and the payment of interest during the term of the Bonds.
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VUW Te Waharoa —
NZ Gazette 1997, No 165
NZLII —
NZ Gazette 1997, No 165
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Notes to the Financial Statements
(continued from previous page)
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