New Zealand Gazette – 1998 – No. 189

Page 4440

✨ Financial Statements

4440 NEW ZEALAND GAZETTE No. 189

Electricity Corporation of New Zealand Limited

Notes to the Financial Statements

	1998 $M	1997 $M
11. Term liabilities

ECNZ bond programme

Face value of bonds on issue ... 761 | 761
Fair valuation ... 28 | 34

| | 789 | 795 |
Less: Bonds defeased (note 18) ... 70 | 70

| | 719 | 725 |
Less: Unamortised discount ... 26 | 33

| | 693 | 692 |

Loans from other sources

| | 572 | 693 |
Less: Loans defeased (note 18) ... 138 | 349

| | 434 | 344 |

Term liabilities including current portion ... 1,127 | 1,036
Less: Current portion ... 138 | 34

Total term liabilities ... 989 | 1,002

Term liabilities are repayable as follows:

Total ... 989 | 1,002

Interest rates payable, after giving effect to interest rate swaps, forward rate agreements and interest rate options on term liabilities, range from 7.3% to 9.6% (1997 6.6% 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.

The interest repricing profiles for the ECNZ are as follows:

Total ... 1,103 | 1,005

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VUW Te Waharoa — NZ Gazette 1998, No 189

NZLII — NZ Gazette 1998, No 189

Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Fixed Assets, Current Liabilities, Valuations

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