New Zealand Gazette – 1991 – No. 194

Page 4027

✨ Financial Statements



20 DECEMBER NEW ZEALAND GAZETTE 4027

TELECOM WELLINGTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

5 ACCOUNTS RECEIVABLE AND PREPAID EXPENSES

                                                30 September           31 March
                                                1991       1990        1991
                                                $000's     $000's      $000's

Accounts receivable, net 38,386 52,454 51,709
Unbilled rentals and tolls 19,977 13,397 13,498
Due from fellow subsidiary companies 2,163 3,694 10,846
Prepaid expenses and other 241 165 939
———— ———— ————
60,767 69,710 76,992
====== ====== ======

6 SHORT TERM INVESTMENTS

                                                30 September           31 March
                                                1991       1990        1991
                                                $000's     $000's      $000's

Redeemable preference units 3,123 - 3,123
Redeemable preference shares in fellow subsidiary company 54,000 - -
———— ———— ————
57,123 - 3,123
====== ====== ======

7 INVESTMENTS

                                                30 September           31 March
                                                1991       1990        1991
                                                $000's     $000's      $000's

Redeemable preference shares:

  • Fellow subsidiary companies 210,840 - 54,000
  • Other 10,600 - -
    ———— ———— ————
    221,440 - 54,000
    ====== ====== ======

8 OTHER ASSETS

At 30 September 1991, other assets include $1.1 million, being advances to the Trustee of two employee share purchase plans. These share purchase plans were established in July 1991 as part of the initial public offering and gave employees the opportunity to invest in Telecom, financed by interest free and favourable interest rate loans repayable over a three-year period.

The shares, which were purchased at the initial public offering price of $2 each, are held in trust for the employee for restrictive period of three years, during which time voting rights will be exercised by the Trustee in its discretion.



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🏭 Notes to the Financial Statements for Telecom Wellington Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounts Receivable, Short Term Investments, Investments, Other Assets, Telecom Wellington Limited