✨ Financial Statements
TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS
NOTES TO THE FINANCIAL STATEMENTS continued
FOR THE YEAR ENDED 30 JUNE 2007
12. LONG TERM DEBT continued
Structured Financing Transaction
In 2002, Transpower entered into a transaction which raised gross funds of $732,700,000 of which $332,700,000 was on-lent to financial institutions. The economic substance of the transaction, is that the Parent and the Group have a net obligation of $200,000,000.
This transaction was unwound during June 2007, with termination in July 2007. Therefore, the liability and asset are shown at their net realisable value.
13. CAPITAL
Transpower’s share capital consists of 1,200,000,000 (2006: 1,200,000,000) issued and fully paid ordinary shares which confer on the holders the right to vote at any annual general meeting of Transpower. All ordinary shares rank equally.
14. ACCUMULATED DEFICIT
| LINES BUSINESS 2007 $'000 | LINES BUSINESS 2006 $'000 | |
|---|---|---|
| Balance at the beginning of the year | (61,676) | (139,141) |
| Operating surplus after tax | 106,385 | 83,579 |
| Accumulated surplus (deficit) before dividends paid | 44,709 | (55,262) |
| Dividends paid | — | (6,414) |
| Balance at the end of the year | 44,709 | (61,676) |
15. DIVIDENDS TO THE SHAREHOLDER
| 2007 | 2006 | |
|---|---|---|
| Final dividend paid | — | 6,414 |
| Interim dividend paid | — | 6,414 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 134
Gazette.govt.nz —
NZ Gazette 2007, No 134
✨ LLM interpretation of page content
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Transpower New Zealand Limited Lines Business Notes to the Financial Statements
(continued from previous page)
🏭 Trade, Customs & Industry30 November 2007
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