✨ Electricity Corporation Financial Statements
4004
NEW ZEALAND GAZETTE
No. 167
Electricity Corporation of New Zealand Limited
Notes to the Financial Statements
- Term liabilities
ECNZ bond programme
Face value of bonds on issue
761
636
Fair valuation
34
45
Less: Bonds defeased (note 18)
795
681
70
70
725
611
Less: Unamortised discount
33
36
692
575
Loans from other sources
693
497
Less: Loans defeased (note 18)
349
349
344
148
Term liabilities including current portion
1,036
723
Less: Current portion
34
7
Total term liabilities
1,002
716
Term liabilities are repayable as follows:
Between one and two years
73
35
Between two and three years
142
8
Between three and four years
67
58
Between four and five years
477
8
Later than five years
243
607
Total
1,002
716
Interest rates payable, after giving effect to interest rate swaps, forward rate agreements and interest rate options on term liabilities, range from 6.6% to 9.6% (1996 8.3% to 9.6%).
Interest rate repricing
ECNZ has entered into a number of long-term borrowings which have been swapped through the use of interest rate swaps into repricing periods earlier than the maturity of the borrowing.
The majority of ECNZ’s remaining financial assets and liabilities have the same repricing and maturity profiles and are not interest rate sensitive.
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VUW Te Waharoa —
NZ Gazette 1997, No 167
NZLII —
NZ Gazette 1997, No 167
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Electricity Corporation Financial Position
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