New Zealand Gazette – 2005 – No. 127

Page 3078

✨ Financial Statements Notes

HORIZON ENERGY DISTRIBUTION LIMITED - Lines Business

NOTES TO THE FINANCIAL STATEMENTS

	Lines Business 2005 $000	Lines Business 2004 $000

11 TERM LOANS

Term loans fall due for repayment in the following periods:

Within One Year | - | -
Within One to Two Years | 26,600 | 28,285
Within Two to Three Years | - | -
Within Three to Four Years | - | -
Within Four to Five Years | - | -

Balance as at 31 March | 26,600 | 28,285

Disclosed in Balance Sheet as:

Current Portion of Term Loans | - | -
Term Loans | 26,600 | 28,285

Balance as at 31 March | 26,600 | 28,285

All term loans are unsecured and are subject to negative pledge undertakings. The weighted average interest rate, inclusive of margins on term loans is 7.13% (2004 6.85%), taking into account the hedging undertakings by the Company as disclosed in Note 18. For that portion of term loans not hedged the loan is at the floating 90 day bank bill rate plus margin. The Company currently has $40 million rolling loan facilities, confirmed at this level until 31 October 2006.

12 DISTRIBUTION TO OWNERS

Dividends Paid Attributed to Lines Business | 2,861 | 4,827
Dividends Paid attributable to "Other" Business | 2,886 | 671

Total Dividends Paid by Horizon Energy Distribution Limited | 5,745 | 5,498

Dividends paid to "Other" business includes a special dividend relating to a one off tax benefit that arose from the sale of the Company’s interest in the Kapuni Cogeneration Joint Venture in 1999.

13 IMPUTATION CREDIT ACCOUNT

	Group 2005	Group 2004
Opening Balance	1	4
Plus: Income Tax Paid	2,340	2,704
Less: Imputation Credits attached to dividends paid for "Other" Business	(594)	(2,377)
Imputation Credits attached to dividends paid for Line Business	(1,744)	(330)

Balance as at 31 March | 3 | 1

VUW Te Waharoa — NZ Gazette 2005, No 127

Gazette.govt.nz — NZ Gazette 2005, No 127

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✨ LLM interpretation of page content

🏭 Horizon Energy Distribution Limited Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Term Loans, Dividends, Imputation Credits

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