New Zealand Gazette – 1999 – No. 125

Page 3008

✨ Financial Statements Notes



3008

NEW ZEALAND GAZETTE

No. 125

2.5 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued)
For the year ended 31 March 1999

1999 ($000) 1998 ($000)
17) Lease
Gross amount 5,128 5,084
Unearned interest 3,396 3,244
Net amount 1,732 1,840
Long term 1,670 1,785
Current 62 55
Interest rate 7.90% 6.44%
Term 40 years 40 years

Relating to flood lighting and high tension reticulation systems and other electrical works in North Harbour Stadium.

  1. Goodwill
    Opening balance 1 April | - | -
    Goodwill purchased in the year | 1,750 | -
    Amortised during the year | (19) | -
    Closing balance 31 March | 1,731 | -

  2. Identifiable intangible
    Opening balance 1 April | - | -
    Identifiable intangibles purchased in the year | 534,289 | -
    Amortised during the year | (2,766) | -
    Closing balance 31 March | 531,523 | -

  3. Loans
    Loans – current | 36,500 | 2,000

  • Term | 989,500 | 8,500
    | 1,026,000 | 10,500

The loan maturity dates are:
Payable within 1 year | 36,500 | 2,000
Payable between 1 and 2 years | 64,500 | 1,000
Payable between 2 and 3 years | 912,000 | 3,500
Payable between 3 and 4 years | - | 2,000
Payable between 4 and 5 years | 13,000 | 2,000
| 1,026,000 | 10,500

All term loans are unsecured and are subject to negative pledge agreements.

Interest rates for the majority of term loans are floating based on the 90 day bank bill rate plus a margin.

The weighted average variable interest rate on term loans is 5.49%. The company also has a short term $30 million working capital facility, which was unused at balance date.

  1. Comparative information
    In accordance with the Electricity Information Disclosure Handbook, certain comparative information has not been disclosed.

The comparative information has been prepared on a consolidated basis, including the results of Bay of Plenty Electricity Limited, for the year ended 31 March 1998.



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✨ LLM interpretation of page content

💰 Notes to Financial Statements for the year ended 31 March 1999 (continued from previous page)

💰 Finance & Revenue
Financial Statements, Lease, Goodwill, Intangible Assets, Loans, Comparative Information