New Zealand Gazette – 2012 – No. 140

Page 4108

✨ Financial Statements

4108 NEW ZEALAND GAZETTE, No. 140 23 NOVEMBER 2012

TRANSPOWER NEW ZEALAND LIMITED LINES BUSINESS

19. Equity

Capital

Transpower has 1,200,000,000 issued and fully paid $1 ordinary shares. Transpower’s authorised capital is $1,200,000,000 (2011: $1,200,000,000). The shares confer on the holders the right to vote at any annual general meeting of Transpower. The shares have no par value and rank equally. Transpower does not have any externally imposed capital requirements.

Dividends

The following dividends were declared and/or paid relating to the 2012 financial year.

Declared	Paid	Amount $M	Cents per share
28/02/2012	9/03/2012	110	9
16/08/2012	18/09/2012	205	17

There were no dividends paid or declared relating to the 2011 financial year.

Imputation credits

	2012
	$M
Balance at 1 July 2011	349.3
Net tax payments/transfers made/refunds received	25.2
Imputation credits attached to dividends paid to shareholders	(42.8)
Balance at 30 June 2012	331.7
Terminal tax accrued at 30 June 2012 (to pay July 2012)	9.5
	341.2

Management of capital

Transpower’s capital structure and dividend policy was reviewed during 2011. As a result of this review, Transpower resumed dividend payments during the 2011/12 financial year and now funds a greater proportion of its capital programme with debt.

Available for sale reserve

This reserve comprises the cumulative net change in the fair value of available for sale financial assets until the investment is derecognised. The available for sale assets are the Fonterra shares that Transpower holds. During 2012, the assets were fully impaired meaning the reserve balance was recycled to profit or loss. Refer to Note 6 Change in fair value of financial instruments for details.

Gazette.govt.nz — NZ Gazette 2012, No 140

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✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsEquity, Capital, Dividends, Imputation credits, Shareholders

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