✨ Financial Statements
NEW ZEALAND GAZETTE
No. 224
TELECOM SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS—continued
| | Six Months Ended
| | 30 September 1990
| | $000's | Year Ended
| | 31 March 1990
| | $000's |
2 REVENUE
214,459 ... 399,859
Revenue includes rental from telephone lines and customer premises equipment, national calls, telex, leased circuit, telegraph, radio and support centre service revenue, and sales of customer premises equipment.
3 OPERATING EXPENSES
169,520 ... 326,919
Included in Operating expenses are:
Depreciation ... 49,342 ... 90,233
Audit fees ... 95 ... 145
Intercompany management fee ... 8,873 ... 19,471
Lease and rental costs ... 2,863 ... 5,187
The formula used in determining the amount of labour and overhead capitalised to the cost of self constructed assets has been varied with the effect that for the six months ended 30 September 1990 an additional $2.7 million of overhead which otherwise would have been charged to earnings, after taxation, was capitalised.
4 INTEREST
Interest income:
- Intercompany ... 173 ... 787
Interest expense:
- Intercompany ... 16,328 ... 34,990
- Other ... 1,127 ... 20
Total interest expense ... 17,455 ... 35,010
Less interest capitalised ... (883) ... (501)
Net interest expense ... 16,572 ... 34,509
5 TAXATION EXPENSE
Net earnings before taxation ... 28,540 ... 39,218
Tax at current rate of 33% ... 9,418 ... 12,942
Adjustment for permanent differences ... 376 ... (1,912)
Total taxation ... 9,794 ... 11,030
The tax expense is represented by:
- Current taxation (Note 9) ... 6,113 ... 5,911
- Deferred taxation (Note 9) ... 3,681 ... 5,119
6 DIVIDENDS
Interim dividend proposed ... 3,373 ... —
Final dividend proposed ... — ... 20,285
Dividends for period ... 3,373 ... 20,285
Proposed dividend at end of period ... 3,373 ... 20,285
7 ACCOUNTS PAYABLE AND ACCRUALS
Trade accounts payable and accruals ... 31,597 ... 39,720
Personnel accruals ... 16,368 ... 9,349
Rentals billed in advance ... 10,348 ... 15,538
Payable to fellow subsidiary companies ... — ... 7,361
Payable to parent company ... 34,851 ... 17,680
Total accounts payable and accruals ... 100,525 ... 88,537
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VUW Te Waharoa —
NZ Gazette 1990, No 224
NZLII —
NZ Gazette 1990, No 224
✨ LLM interpretation of page content
🏭
Telecom South Limited Financial Position Statement
(continued from previous page)
🏭 Trade, Customs & Industry28 November 1990
Financial Statement, Revenue, Operating Expenses, Interest, Taxation, Dividends, Accounts Payable