New Zealand Gazette – 2006 – No. 151

Page 4388

✨ Financial Statements

HORIZON ENERGY DISTRIBUTION LIMITED - Lines Business

NOTES TO THE FINANCIAL STATEMENTS

	Lines Business 2006 $000	Lines Business 2005 $000
11 TERM LOANS

Term loans fall due for repayment in the following periods:

Within One Year | 28,470 | 26,600 |
Within One to Two Years | - | - |
Within Two to Three Years | - | - |
Within Three to Four Years | - | - |
Within Four to Five Years | - | - |

Balance as at 31 March | 28,470 | 26,600 |

Disclosed in Balance Sheet as:

Current Portion of Term Loans | - | - |
Term Loans | 28,470 | 26,600 |

Balance as at 31 March | 28,470 | 26,600 |

All term loans are unsecured and are subject to negative pledge undertakings. The weighted average interest rate, inclusive of margins on term loans is 7.26% (2005 7.13%), taking into account the hedging undertaken 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 2007.

	Lines Business 2006 $000	Lines Business 2005 $000
12 DISTRIBUTION TO OWNERS

Dividends Paid Attributed to Lines Business | 4,858 | 2,869 |
Dividends Paid attributable to "Other" Business | 2,014 | 2,886 |

Total Dividends Paid by Horizon Energy Distribution Limited | 6,873 | 5,746 |

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.

	Group 2006 $000	Group 2005 $000
13 IMPUTATION CREDIT ACCOUNT

Opening Balance | 3 | 1 |
Plus: Income Tax Paid | 2,900 | 2,340 |
Less: Imputation Credits attached to dividends paid for "Other" Business | (506) | (594) |
Imputation Credits attached to dividends paid for Line Business | (2,393) | (1,744) |

Balance as at 31 March | 10 | 3 |

VUW Te Waharoa — NZ Gazette 2006, No 151

Gazette.govt.nz — NZ Gazette 2006, No 151

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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Horizon Energy Distribution Limited (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Term Loans, Distribution to Owners, Dividends, Imputation Credit Account, Interest Rates, Loan Facilities, Horizon Energy Distribution Limited

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