✨ Financial Statements Continuation
24 DECEMBER
NEW ZEALAND GAZETTE
5155
TELECOM CENTRAL LIMITED AND SUBSIDIARY
NOTES TO THE FINANCIAL STATEMENTS—continued
| 30 September 1990 | 31 March 1990 | |
|---|---|---|
| $000’s | $000’s |
14 FIXED ASSETS
Telecommunication equipment:
– Cost ... 934,844 ... 439,310
– Accumulated depreciation ... (276,498) ... (129,962)
Net book value ... 658,346 ... 309,348
Capital work in progress ... 56,396 ... 35,017
Land ... 19,489 ... 10,757
Buildings:
– Cost ... 102,232 ... 45,745
– Accumulated depreciation ... (11,960) ... (4,633)
Net book value ... 90,272 ... 41,112
Other fixed assets:
– Cost ... 88,829 ... 34,576
– Accumulated depreciation ... (35,438) ... (13,939)
Net book value ... 53,391 ... 20,637
Total cost ... 1,201,790 ... 565,405
Total accumulated depreciation ... (323,896) ... (148,534)
Total net book value ... 877,894 ... 416,871
Other fixed assets include tools and plant, vehicles, office equipment, furniture and fittings and computer equipment. Included in telecommunication equipment at 30 September 1990 and 31 March 1990 respectively, is equipment leased to customers under operating leases with a cost of $100.4 million and $49.9 million, together with accumulated depreciation of $59.5 million and $29.3 million.
REGISTRATION OF TITLE TO LAND
Certificates of title for freehold interests in land included in the assets purchased from the Crown are being progressively raised by the Crown and transferred to Group companies. Titles for more than half the freehold interests have been issued and, for the remainder, equitable ownership rests with the Group.
LAND CLAIMS
Under the Treaty of Waitangi Act 1975 all land or interest in land included in the assets purchased from the Crown is subject to claims to the Waitangi Tribunal which has the power to recommend in appropriate circumstances that the land be resumed by the Crown in order that it be returned to Maori claimants. In the event that land is resumed by the Crown, compensation will be paid to Telecom under the provisions of the Public Works Act 1981. If this is insufficient to cover the loss certain additional compensation is payable under the provisions of the Sale and Purchase Agreement between Telecom and the Crown.
Under the State Owned Enterprises Act 1986 the Governor General may if satisfied that any land or interest in land held by Telecom is Wahi Tapu (being land of special spiritual, cultural or historical tribal significance) declare by order in Council that the land be resumed by the Crown, with compensation payable to Telecom under the provisions of the Public Works Act 1981.
15 COMMITMENTS
(A) OPERATING LEASES
Operating lease commitments are mainly in respect of leases of land and buildings. Minimum rental commitments as at 30 September 1990 for all non-cancellable operating leases for the years ended 30 September are:
– 1991 ... 0.3
– 1992 ... 0.1
– 1993 ... 0.7
– 1994 ... 0.2
– 1995 ... 4.1
– Thereafter ... 21.3
$26.7 million
(B) CAPITAL COMMITMENTS
As at 30 September 1990 capital expenditure amounting to $35.3 million has been committed under contractual arrangements.
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1990, No 224
NZLII —
NZ Gazette 1990, No 224
✨ LLM interpretation of page content
🏭
Telecom Central Limited Financial Statements Notes
(continued from previous page)
🏭 Trade, Customs & Industry28 November 1990
Financial Statements, Revenue, Operating Expenses, Interest, Taxation, Dividends, Accounts Payable, Fixed Assets, Telecommunication Equipment, Land Claims, Commitments