New Zealand Gazette – 1998 – No. 193

Page 4548

✨ Financial Statements



4548 No. 193

NEW ZEALAND GAZETTE

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1998

13. LONG TERM DEBT (cont.)

Euro Medium Term Notes

Under the Euro Medium Term Note Programme Transpower Finance Limited may from time to time issue notes guaranteed by Transpower. The aggregate principal amount of the notes outstanding will not at any time exceed US$1,000,000,000 (NZ$1,976,089,000) as at 30 June 1998, (US$750,000,000 (NZ$1,106,357,870) as at 30 June 1997) or equivalent in other currencies. The Guarantor (Transpower) and Transpower Finance Limited have given a negative pledge and guarantee payment of all principal and interest amounts.

14. CAPITAL

Transpower has contributed paid in capital of $1,200,000,000 (1997: $1,200,000,000).

15. RESERVES

1998 1997
$000 $000
Capital redemption reserve
Balance at the beginning of the year 8 8
Movements during the year - -
Balance at the end of the year 8 8

| Asset revaluation reserve | | |
| Balance at the beginning of the year | 43,827 | 55,311 |
| Revaluation (devaluation) of assets* | (448,529)| (12,372) |
| Transfer to retained earnings** | (2,445) | 888 |
| Transfer to statement of financial performance | 407,147 | - |
| Balance at the end of the year | - | 43,827 |

| Total Reserves | 8 | 43,835 |

  • The valuation of Transpower’s assets has resulted in a downward adjustment in value of $448 million. This has arisen due to a variety of factors which include the effect of government reforms on industry structure, changes in transmission technology and an increase in generation availability.

** The revaluation (increment)/decrement in respect of fixed assets disposed of during the year is transferred from the asset revaluation reserve to retained earnings upon the assets’ disposal.



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🏭 Transpower New Zealand Limited Notes to the Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Long Term Debt, Euro Medium Term Notes, Capital, Reserves, Asset Revaluation, Financial Statements, Transpower