New Zealand Gazette – 1997 – No. 167

Page 4005

✨ Financial Statements



28 NOVEMBER NEW ZEALAND GAZETTE 4005

Electricity Corporation of New Zealand Limited
Notes to the Financial Statements

  1. Term liabilities continued

The interest repricing profile for ECNZ is as follows:

1997 1996
Within one year 340 148
Between two and three years 141 -
Between three and four years 24 -
Between four and five years 387 -
Later than five years 113 566
Total 1,005 714

Domestic bond programme

ECNZ offers bonds to institutional and retail investors pursuant to its domestic bond programme. Bonds outstanding have coupon interest rates ranging from 8% to 10% per annum (1996 8% to 10%) and maturity dates between 1999 and 2009. The bonds are issued under a Trust Deed dated 23 August 1988 made between ECNZ and The New Zealand Guardian Trust Company Limited as trustee.

Negative pledge

Under the terms of the Trust Deed ECNZ 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.

In addition to the negative pledge given in the Trust Deed for ECNZ bonds, ECNZ has given undertakings that it will not create or permit to exist any security interest on its assets as security for any other indebtedness except on the conditions specified in the undertakings and/or with the prior consent of the lenders concerned (as the case may be).

  1. Deferred taxation
Deferred taxation at start of the year 290 192
On profit for the year (note 5) (12) (63)
Deferred tax effect of fair valuation (120) 161
Deferred taxation at end of the year 158 290
  1. Equity

Equity includes issued and paid up capital of:

1,000,000,000 ordinary shares 1,000 1,000

Ordinary shares

All issued ordinary shares in ECNZ are owned by the Crown. Holders of ordinary shares have the following rights:

(a) The right to receive notice of and attend and vote at a meeting of the shareholders of the Company on any resolution. Each holder of a share will have one vote.

(b) The right to an equal share in dividends on a per share basis.

(c) The right to an equal share in the distribution of surplus assets on a per share basis.



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✨ LLM interpretation of page content

🏭 Electricity Corporation Financial Position (continued from previous page)

🏭 Trade, Customs & Industry
Electricity, Financial Statement, Term Liabilities, Interest Repricing, Domestic Bond Programme, Negative Pledge, Deferred Taxation, Equity, Ordinary Shares