a- Calculate each firm(A,B and C) DEBT/EQUITY RATIO then compare them (company's industry peers). As they are all providing and distributed electricity and gas across the country.

Company ACompany B

Company C

b- Base on the answer abouve what do the similarities or differences from the company's industry peers tell us?

3 Debt Structure 4 Include Subsidiaries: Include Subsidiaries 5 Bonds 6 Maturity Issues Outstanding (NZE Issued (NZD) 7 2021 1 300,000,000 300,000,000 8 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN Cusip Issue Date RIC 9 MCY 0.605 07-Sep-2021 FRN 07-Sep-2021 300,000,000 300,000,000 0.605 Floating Coupon NZMTYDT00304 07-Sep-2006 NZMP0921F= 10 2023 1 25,000,000 25,000,000 11 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN Cusip Issue Date RIC 12 MCY 5.793 06-Mar-2023 06-Mar-2023 25,000,000 25,000,000 5.793 Fixed Coupon NZMTYDTO25C7 06-Mar-2013 NZMRP0323= 13 2049 1 300,000,000 300,000,000 14 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN Cusip Issue Date RIC 15 MCY 3.600 11-Jul-2049 FRN 11-Jul-2049 300,000,000 300,000,000 3.6 Floating Coupon NZMCYDG002CO 11-Jul-2019 NZMY0749F= 16 Total 3 625,000,000 625,000,000 17 Inactive Bonds 18 Description Asset Duplicated Maturity Date Issued Amount Coupon Class ISIN RIC Issue Date Seniority Typ Cusip Instrument Type 19 MCY 6.900 11-Jul-2044 CALD 11-Jul-2044 300,000,000 Variable Coupon NZMRPDG00106 MCY 11-Jul-2014 Subordinated Unsecured Bond 20 MCY 8.210 11-Feb-2020 MATd 11-Feb-2020 30,000,000 Fixed Coupon NZMTYDT006C7 MCY 11-Feb-2010 Unsecured Bond 21 MCY 5.029 06-Mar-2019 MATd 06-Mar-2019 75,000,000 Fixed Coupon NZMTYDTO2400 MCY 06-Mar-2013 Unsecured Bond 22 MCY 4.270 12-Oct-2016 FRN MATd 12-Oct-2016 50,000,000 Floating Coupon NZMTYDT005C9 MCY 12-Oct-2009 Unsecured Bond 23 MCY 7.550 12-Oct-2016 MATd 12-Oct-2016 70,000,000 Fixed Coupon NZMTYDT00402 MCY 12-Oct-2009 Unsecured Bond 24 MCY 8.360 15-May-2013 MATI 15-May-2013 200,000,000 Variable Coupon NZMTYD000152 MCY 09-May-2003 Unsecured Note 25 MCY 6.730 15-Sep-2011 CALD 15-Sep-2011 113,821,000 Variable Coupon MCY 15-Sep-2003 Unsecured Note 26 Total $ 838,821,000.00 64 60 37 36 3 A Balance Sheet 4 Annual Standardised in Millions of New Zealand Dollars 5 2019 2018 2017 2016 2015 6 Earnings Quality Score N/A 7 Period End Date 30-Jun-2019 30-Jun-2018 30-Jun-2017 30-Jun-2016 30-Jun-2015 67 Shareholders Equity (NZD Millions) 68 Redeemable Preferred Stock, Total 69 Preferred Stock - Non Redeemable, Net 70 Common Stock, Total 378.0 378.0 378.0 378.0 378.0 71 Common Stock 378.0 378.0 378.0 378.0 378.0 72 Additional Paid-In Capital 73 Retained Earnings (Accumulated Deficit) 3,260.0 3,005.0 2,981.0 2,989.0 3,011.0 74 Treasury Stock - Common (101.0) (101.0) (51.0) (52.0) (52.0) 75 ESOP Debt Guarantee 76 Unrealized Gain (Loss) 77 Other Equity, Total 78 Total Equity 3,537.0 3,282.0 3,308.0 3,315.0 3,337.0 79 80 Total Liabilities & Shareholders' Equity 6,484.0 6,106.0 5,997.0 6,085.0 6,058.0 3 B Debt Structure 4 Include Subsidiaries: Include Subsidiaries, Currency: New Zealand Dollar 5 Bonds 6 Maturity Issues Outstanding (NZD) Issued (NZD) 7 2021 1 150,000,000 150,000,000 8 Description Asset Duplicated Maturity Date Amount Outstandir Issued Amoun Coupon Coupon Class ISIN RIC Cusip Issue Date Seniority Type 9 CENXX 4.400 15-Nov-2021 15-Nov-2021 150,000,000 150,000,000 4.4 Fixed Coupon NZCENDO030L2 NZCEL1121= 04-Sep-2015 Unsecured 10 2022 1 100,000,000 100,000,000 11 Description Asset Duplicated Maturity Date Amount Outstandir Issued Amoun Coupon Coupon Class ISIN RIC Cusip Issue Date Seniority Type 12 CENXX 4.630 15-Nov-2022 15-Nov-2022 100,000,000 100,000,000 4.63 Fixed Coupon NZCENDO040L1 NZCEN1122= 23-Feb-2017 Senior Unsecured 13 2024 1 100,000,000 100,000,000 14 Description Asset Duplicated Maturity Date Amount Outstandir Issued Amoun Coupon Coupon Class ISIN RIC Cusip Issue Date Seniority Type 15 CENXX 3.550 15-Aug-2024 15-Aug-2024 100,000,000 100,000,000 3.55 Fixed Coupon NZCENDOO5OLO NZCEN0824= 01-Mar-2019 Senior Unsecured 16 Total 3 350,000,000 350,000,000 17 Loans 18 Issue Date Purpose Issued Amount Facility 19 15-Jan-2020 Contact Energy General Purpose 50,000,000 1 20 Facility Type Maturity Date Facility Amount Country Currency Issue Date Base Rate/Spd Bid Price (%) Ask Price (%) Mid Pric Discounted s Yield (%) 21 Revolver/Term Loan 15-Jan-2024 50,000,000 New Zealand NZD 15-Jan-20 -- 22 Inactive Bonds 23 Description Asset Duplicated Maturity Date Issued Amount Coupon Class Country of Issue ISIN RIC Cusip Issue Date Seniority Type 24 CENXX 8.000 15-Feb-2042 CALD 15-Feb-2042 200,000,000 Variable Coupc New Zealand NZCENDT003C6 CENXX 20-Dec-2011 Unsecured 25 CENXX 5.277 27-May-2020 MATd 27-May-2020 50,000,000 Fixed Coupon New Zealand NZCENDO520L2 CENXX 27-May-2013 Unsecured 26 CENXX 5.800 15-May-2019 MATd 15-May-2019 222,000,000 Fixed Coupon New Zealand NZCENDOO2OL3 CENXX 20-Mar-2014 Unsecured 27 CENXX 4.800 24-May-2018 MATd 24-May-2018 50,000,000 Fixed Coupon New Zealand NZCEND0518L6 CENXX 24-May-2013 Unsecured 28 CENXX 7.855 13-Apr-2017 MATO 13-Apr-2017 100,000,000 Fixed Coupon New Zealand NZCENDG001C! CENXX 13-Apr-2010 Unsecured 29 CENXX 8.000 15-May-2014 MATd 15-May-2014 550,000,000 Fixed Coupon New Zealand NZCENDT001CO CENXX 31-Mar-2009 Unsecured 30 CENXX 7.418 14-Sep-2007 MTN MATd 14-Sep-2007 128,000,000 Floating Coupo Australia AUOOOCENLO14 CENXX 14-Sep-2000 Unsecured 31 CENXX 6.160 14-Sep-2007 FRN MATd 14-Sep-2007 78,064,012 Floating Coupo Australia CENXX 14-Sep-2000 Unsecured 32 CENXX 6.160 14-Sep-2007 MTN MATd 14-Sep-2007 78,064,012 Floating Coupo Eurobond XS0117839885 CENXX 14-Sep-2000 Unsecured 33 CENXX 7.250 15-Oct-2003 MATd 15-Oct-2003 70,000,000 Fixed Coupon New Zealand NZ800D1003R4 CENXX 15-Oct-1998 Unsecured Principal Index Li N N N N Instrument Type Bond Note Bond Note Bond Bond Note Bond Note Bond N N N N N N 49 3 B 4 Annual Standardised in Millions of New Zealand Dollars 5 2019 2018 2017 2016 2015 6 Earnings Quality Score 90 64 58 45 7 Period End Date 30-Jun-2019 30-Jun-2018 30-Jun-2017 30-Jun-2016 30-Jun-2015 66 Shareholders Equity (NZD Millions) 67 Redeemable Preferred Stock, Total 68 Preferred Stock - Non Redeemable, Net 69 Common Stock, Total 1,523.0 1,520.0 1,515.0 1,515.0 1,605.0 70 Common Stock 1,523.0 1,520.0 1,515.0 1,515.0 1,605.0 71 Additional Paid-In Capital 72 Retained Earnings (Accumulated Deficit) 1,298.0 1,200.0 1,271.0 1,301.0 1,561.0 73 Treasury Stock - Common 74 ESOP Debt Guarantee 75 Unrealized Gain (Loss) 76 Other Equity, Total (39.0) 7.0 (8.0) 7.0 5.0 77 Other Comprehensive Income (39.0) 7.0 (8.0) 7.0 5.0 78 Total Equity 2,782.0 2,727.0 2,778.0 2,823.0 3,171.0 79 80 Total Liabilities & Shareholders' Equity 4,954.0 5,311.0 5,455.0 5,652.0 6,089.0 Issue Date 16-Jun-2017 Seniority Type Unsecured 3 C Debt Structure 4. Include Subsidiaries: Include Subsidiaries , Currency: New Zealand Dollar 5 Bonds 6 Maturity Issues Outstanding (NZD) Issued (NZD) 7 2022 1 0 0 8 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN RIC Cusip 9 VCT 5.700 15-Jun-2022 15-Jun-2022 0 0 5.7 Fixed Coupon NZVCTDT01004 NZVCT0622= 10 2024 1 240,000,000 240,000,000 11 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN RIC Cusip 12 VCT 4.996 14-Mar-2024 14-Mar-2024 240,000,000 240,000,000 4.996 Fixed Coupon NZVCTDT009C6 NZVCT0324= 13 2025 1 250,000,000 250,000,000 14 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN RIC Cusip 15 VCT 3.450 27-May-2025 27-May-2025 250,000,000 250,000,000 3.45 Fixed Coupon NZVCTDT090C6 NZVCT0525= 16 Total 3 490,000,000 490,000,000 17 Inactive Bonds Issue Date Seniority Type 14-Mar-2017 Senior Unsecured Issue Date Seniority Type 27-May-2019 Senior Unsecured 3 Balance Sheet 4 Annual Standardised in Millions of New Zealand Dollars 5 2019 2018 2017 2016 2015 6 Earnings Quality Score 18 29 40 68 48 7 Period End Date 30-Jun-2019 30-Jun-2018 30-Jun-2017 30-Jun-2016 30-Jun-2015 71 Shareholders Equity (NZD Millions) 72 Redeemable Preferred Stock, Total 73 Preferred Stock - Non Redeemable, Net 74 Common Stock, Total 880.0 880.0 875.0 875.0 875.0 75 Common Stock 880.0 880.0 875.0 875.0 875.0 76 Additional Paid-In Capital 77 Retained Earnings (Accumulated Deficit) 1,513.9 1,600.7 1,613.9 1,605.5 1,490.7 78 Treasury Stock - Common (0.4) (0.2) (9.2) (9.2) (9.3) 79 ESOP Debt Guarantee 80 Unrealized Gain (Loss) 81 Other Equity, Total (61.1) (40.1) (49.0) (89.3) (73.6) 82 Other Comprehensive Income (61.1) (40.1) (49.0) (89.3) (73.6) 83 Total Equity 2,332.4 2,440.4 2,430.6 2,382.0 2,282.8 -- 3 Debt Structure 4 Include Subsidiaries: Include Subsidiaries 5 Bonds 6 Maturity Issues Outstanding (NZE Issued (NZD) 7 2021 1 300,000,000 300,000,000 8 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN Cusip Issue Date RIC 9 MCY 0.605 07-Sep-2021 FRN 07-Sep-2021 300,000,000 300,000,000 0.605 Floating Coupon NZMTYDT00304 07-Sep-2006 NZMP0921F= 10 2023 1 25,000,000 25,000,000 11 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN Cusip Issue Date RIC 12 MCY 5.793 06-Mar-2023 06-Mar-2023 25,000,000 25,000,000 5.793 Fixed Coupon NZMTYDTO25C7 06-Mar-2013 NZMRP0323= 13 2049 1 300,000,000 300,000,000 14 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN Cusip Issue Date RIC 15 MCY 3.600 11-Jul-2049 FRN 11-Jul-2049 300,000,000 300,000,000 3.6 Floating Coupon NZMCYDG002CO 11-Jul-2019 NZMY0749F= 16 Total 3 625,000,000 625,000,000 17 Inactive Bonds 18 Description Asset Duplicated Maturity Date Issued Amount Coupon Class ISIN RIC Issue Date Seniority Typ Cusip Instrument Type 19 MCY 6.900 11-Jul-2044 CALD 11-Jul-2044 300,000,000 Variable Coupon NZMRPDG00106 MCY 11-Jul-2014 Subordinated Unsecured Bond 20 MCY 8.210 11-Feb-2020 MATd 11-Feb-2020 30,000,000 Fixed Coupon NZMTYDT006C7 MCY 11-Feb-2010 Unsecured Bond 21 MCY 5.029 06-Mar-2019 MATd 06-Mar-2019 75,000,000 Fixed Coupon NZMTYDTO2400 MCY 06-Mar-2013 Unsecured Bond 22 MCY 4.270 12-Oct-2016 FRN MATd 12-Oct-2016 50,000,000 Floating Coupon NZMTYDT005C9 MCY 12-Oct-2009 Unsecured Bond 23 MCY 7.550 12-Oct-2016 MATd 12-Oct-2016 70,000,000 Fixed Coupon NZMTYDT00402 MCY 12-Oct-2009 Unsecured Bond 24 MCY 8.360 15-May-2013 MATI 15-May-2013 200,000,000 Variable Coupon NZMTYD000152 MCY 09-May-2003 Unsecured Note 25 MCY 6.730 15-Sep-2011 CALD 15-Sep-2011 113,821,000 Variable Coupon MCY 15-Sep-2003 Unsecured Note 26 Total $ 838,821,000.00 64 60 37 36 3 A Balance Sheet 4 Annual Standardised in Millions of New Zealand Dollars 5 2019 2018 2017 2016 2015 6 Earnings Quality Score N/A 7 Period End Date 30-Jun-2019 30-Jun-2018 30-Jun-2017 30-Jun-2016 30-Jun-2015 67 Shareholders Equity (NZD Millions) 68 Redeemable Preferred Stock, Total 69 Preferred Stock - Non Redeemable, Net 70 Common Stock, Total 378.0 378.0 378.0 378.0 378.0 71 Common Stock 378.0 378.0 378.0 378.0 378.0 72 Additional Paid-In Capital 73 Retained Earnings (Accumulated Deficit) 3,260.0 3,005.0 2,981.0 2,989.0 3,011.0 74 Treasury Stock - Common (101.0) (101.0) (51.0) (52.0) (52.0) 75 ESOP Debt Guarantee 76 Unrealized Gain (Loss) 77 Other Equity, Total 78 Total Equity 3,537.0 3,282.0 3,308.0 3,315.0 3,337.0 79 80 Total Liabilities & Shareholders' Equity 6,484.0 6,106.0 5,997.0 6,085.0 6,058.0 3 B Debt Structure 4 Include Subsidiaries: Include Subsidiaries, Currency: New Zealand Dollar 5 Bonds 6 Maturity Issues Outstanding (NZD) Issued (NZD) 7 2021 1 150,000,000 150,000,000 8 Description Asset Duplicated Maturity Date Amount Outstandir Issued Amoun Coupon Coupon Class ISIN RIC Cusip Issue Date Seniority Type 9 CENXX 4.400 15-Nov-2021 15-Nov-2021 150,000,000 150,000,000 4.4 Fixed Coupon NZCENDO030L2 NZCEL1121= 04-Sep-2015 Unsecured 10 2022 1 100,000,000 100,000,000 11 Description Asset Duplicated Maturity Date Amount Outstandir Issued Amoun Coupon Coupon Class ISIN RIC Cusip Issue Date Seniority Type 12 CENXX 4.630 15-Nov-2022 15-Nov-2022 100,000,000 100,000,000 4.63 Fixed Coupon NZCENDO040L1 NZCEN1122= 23-Feb-2017 Senior Unsecured 13 2024 1 100,000,000 100,000,000 14 Description Asset Duplicated Maturity Date Amount Outstandir Issued Amoun Coupon Coupon Class ISIN RIC Cusip Issue Date Seniority Type 15 CENXX 3.550 15-Aug-2024 15-Aug-2024 100,000,000 100,000,000 3.55 Fixed Coupon NZCENDOO5OLO NZCEN0824= 01-Mar-2019 Senior Unsecured 16 Total 3 350,000,000 350,000,000 17 Loans 18 Issue Date Purpose Issued Amount Facility 19 15-Jan-2020 Contact Energy General Purpose 50,000,000 1 20 Facility Type Maturity Date Facility Amount Country Currency Issue Date Base Rate/Spd Bid Price (%) Ask Price (%) Mid Pric Discounted s Yield (%) 21 Revolver/Term Loan 15-Jan-2024 50,000,000 New Zealand NZD 15-Jan-20 -- 22 Inactive Bonds 23 Description Asset Duplicated Maturity Date Issued Amount Coupon Class Country of Issue ISIN RIC Cusip Issue Date Seniority Type 24 CENXX 8.000 15-Feb-2042 CALD 15-Feb-2042 200,000,000 Variable Coupc New Zealand NZCENDT003C6 CENXX 20-Dec-2011 Unsecured 25 CENXX 5.277 27-May-2020 MATd 27-May-2020 50,000,000 Fixed Coupon New Zealand NZCENDO520L2 CENXX 27-May-2013 Unsecured 26 CENXX 5.800 15-May-2019 MATd 15-May-2019 222,000,000 Fixed Coupon New Zealand NZCENDOO2OL3 CENXX 20-Mar-2014 Unsecured 27 CENXX 4.800 24-May-2018 MATd 24-May-2018 50,000,000 Fixed Coupon New Zealand NZCEND0518L6 CENXX 24-May-2013 Unsecured 28 CENXX 7.855 13-Apr-2017 MATO 13-Apr-2017 100,000,000 Fixed Coupon New Zealand NZCENDG001C! CENXX 13-Apr-2010 Unsecured 29 CENXX 8.000 15-May-2014 MATd 15-May-2014 550,000,000 Fixed Coupon New Zealand NZCENDT001CO CENXX 31-Mar-2009 Unsecured 30 CENXX 7.418 14-Sep-2007 MTN MATd 14-Sep-2007 128,000,000 Floating Coupo Australia AUOOOCENLO14 CENXX 14-Sep-2000 Unsecured 31 CENXX 6.160 14-Sep-2007 FRN MATd 14-Sep-2007 78,064,012 Floating Coupo Australia CENXX 14-Sep-2000 Unsecured 32 CENXX 6.160 14-Sep-2007 MTN MATd 14-Sep-2007 78,064,012 Floating Coupo Eurobond XS0117839885 CENXX 14-Sep-2000 Unsecured 33 CENXX 7.250 15-Oct-2003 MATd 15-Oct-2003 70,000,000 Fixed Coupon New Zealand NZ800D1003R4 CENXX 15-Oct-1998 Unsecured Principal Index Li N N N N Instrument Type Bond Note Bond Note Bond Bond Note Bond Note Bond N N N N N N 49 3 B 4 Annual Standardised in Millions of New Zealand Dollars 5 2019 2018 2017 2016 2015 6 Earnings Quality Score 90 64 58 45 7 Period End Date 30-Jun-2019 30-Jun-2018 30-Jun-2017 30-Jun-2016 30-Jun-2015 66 Shareholders Equity (NZD Millions) 67 Redeemable Preferred Stock, Total 68 Preferred Stock - Non Redeemable, Net 69 Common Stock, Total 1,523.0 1,520.0 1,515.0 1,515.0 1,605.0 70 Common Stock 1,523.0 1,520.0 1,515.0 1,515.0 1,605.0 71 Additional Paid-In Capital 72 Retained Earnings (Accumulated Deficit) 1,298.0 1,200.0 1,271.0 1,301.0 1,561.0 73 Treasury Stock - Common 74 ESOP Debt Guarantee 75 Unrealized Gain (Loss) 76 Other Equity, Total (39.0) 7.0 (8.0) 7.0 5.0 77 Other Comprehensive Income (39.0) 7.0 (8.0) 7.0 5.0 78 Total Equity 2,782.0 2,727.0 2,778.0 2,823.0 3,171.0 79 80 Total Liabilities & Shareholders' Equity 4,954.0 5,311.0 5,455.0 5,652.0 6,089.0 Issue Date 16-Jun-2017 Seniority Type Unsecured 3 C Debt Structure 4. Include Subsidiaries: Include Subsidiaries , Currency: New Zealand Dollar 5 Bonds 6 Maturity Issues Outstanding (NZD) Issued (NZD) 7 2022 1 0 0 8 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN RIC Cusip 9 VCT 5.700 15-Jun-2022 15-Jun-2022 0 0 5.7 Fixed Coupon NZVCTDT01004 NZVCT0622= 10 2024 1 240,000,000 240,000,000 11 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN RIC Cusip 12 VCT 4.996 14-Mar-2024 14-Mar-2024 240,000,000 240,000,000 4.996 Fixed Coupon NZVCTDT009C6 NZVCT0324= 13 2025 1 250,000,000 250,000,000 14 Description Asset Duplicated Maturity Date Amount Outstanding Issued Amount Coupon Coupon Class ISIN RIC Cusip 15 VCT 3.450 27-May-2025 27-May-2025 250,000,000 250,000,000 3.45 Fixed Coupon NZVCTDT090C6 NZVCT0525= 16 Total 3 490,000,000 490,000,000 17 Inactive Bonds Issue Date Seniority Type 14-Mar-2017 Senior Unsecured Issue Date Seniority Type 27-May-2019 Senior Unsecured 3 Balance Sheet 4 Annual Standardised in Millions of New Zealand Dollars 5 2019 2018 2017 2016 2015 6 Earnings Quality Score 18 29 40 68 48 7 Period End Date 30-Jun-2019 30-Jun-2018 30-Jun-2017 30-Jun-2016 30-Jun-2015 71 Shareholders Equity (NZD Millions) 72 Redeemable Preferred Stock, Total 73 Preferred Stock - Non Redeemable, Net 74 Common Stock, Total 880.0 880.0 875.0 875.0 875.0 75 Common Stock 880.0 880.0 875.0 875.0 875.0 76 Additional Paid-In Capital 77 Retained Earnings (Accumulated Deficit) 1,513.9 1,600.7 1,613.9 1,605.5 1,490.7 78 Treasury Stock - Common (0.4) (0.2) (9.2) (9.2) (9.3) 79 ESOP Debt Guarantee 80 Unrealized Gain (Loss) 81 Other Equity, Total (61.1) (40.1) (49.0) (89.3) (73.6) 82 Other Comprehensive Income (61.1) (40.1) (49.0) (89.3) (73.6) 83 Total Equity 2,332.4 2,440.4 2,430.6 2,382.0 2,282.8