✨ Financial Statements
27 AUGUST
NEW ZEALAND GAZETTE
3267
14 BORROWINGS
The company had borrowings which support the requirements of the group and are not specific to a business line. The following profile is indicative of borrowings applicable to the electricity business.
Borrowings are made up as follows:
As at 31 March 2002
| Weighted avg interest rate | Total ($000) | Payable within 1 year ($000) | Payable between 1 and 2 years ($000) | Payable between 2 and 5 years ($000) | Payable after 5 years ($000) |
|---|---|---|---|---|---|
| Bank loans | 5.86% | 74,025 | 10,966 | 63,059 | - |
| Commercial paper | 5.07% | 183,692 | - | 183,692 | - |
| Medium term notes - fixed rate NZ$ | 6.50% | 108,918 | - | - | 108,918 |
| Medium term notes - floating rate A$ | 4.75% | 312,013 | - | - | 312,013 |
| 5.24% | 678,648 | 10,966 | 246,751 | 420,931 |
As at 31 March 2001
| Weighted avg interest rate | Total ($000) | Payable within 1 year ($000) | Payable between 1 and 2 years ($000) | Payable between 2 and 5 years ($000) | Payable after 5 years ($000) |
|---|---|---|---|---|---|
| Bank loans | 7.06% | 719,800 | 588,122 | 131,678 | - |
| Commercial paper | 6.54% | 119,499 | - | 119,499 | - |
| Medium term notes - fixed rate NZ$ | - | - | - | - | - |
| Medium term notes - floating rate A$ | - | - | - | - | - |
| 6.96% | 839,299 | 588,122 | 251,177 | - |
All borrowings are unsecured with all bank loans and Medium Term Notes being subject to negative pledge arrangements.
Commercial paper is supported by a 2 year standby facility made available by a syndicate of banks and issued for various terms up to 90 days.
Interest rates for all bank loans are floating based on the bank bill rate plus a margin.
Medium term notes – fixed rate NZ$ mature April 2007 and are shown at the value of proceeds received after deducting the discount on issue ($1.7 million) and adjusted for the amount amortised ($0.3 million).
Medium term notes – floating rate A$ mature April 2008 and April 2011.
Borrowings are classified between current and non-current dependent on the directors expectation of repayment dates.
15 DIVIDEND
| 2002 ($000) | 2001 ($000) | |
|---|---|---|
| Dividend paid | 25,750 | 22,854 |
| Dividend declared | 27,264 | 24,228 |
| 53,014 | 47,082 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 122
Gazette.govt.nz —
NZ Gazette 2002, No 122
✨ LLM interpretation of page content
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Notes to Financial Statements for the year ended 31 March 2002
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Borrowings, Dividends