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New Zealand Gazette – 1991 – No. 194

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✨ Financial Statements Notes

20 DECEMBER NEW ZEALAND GAZETTE 4033

TELECOM WELLINGTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

15 RELATED PARTY TRANSACTIONS (Continued)

GROUP RESTRUCTURING AND CHANGE IN TRADING RELATIONSHIP

With effect from 1 April 1991, the pricing of the trading relationship between the Company and Telecom New Zealand International Limited, a fellow group company, was renegotiated. The effect of the change on the results for the six months ended 30 September 1991 was to reduce reported operating revenues by approximately $6.3 million and net earnings by approximately $4.2 million from that which would otherwise have been reported.

With effect from 1 April 1991, a new group company was formed to provide national network and other operational services to the Regional Operating Companies. As a result of this restructuring, certain fixed assets, personnel (and related accrued personnel costs) and services previously associated with the Company were transferred at net book value to the new company. The net book value of the fixed assets transferred amounted to approximately $4.1 million.

16 FELLOW SUBSIDIARY COMPANIES

At 30 September 1991 the principal fellow subsidiaries of the Company were as follows:

Telecom Auckland Limited
Telecom Central Limited
Telecom South Limited
Telecom Networks and Operations Limited
Telecom New Zealand International Limited (formerly Telecom Networks and International Limited)
Telecom Directories Limited
Telecom Equipment Supplies Limited
Telecom Cellular Limited
Telecom Mobile Radio Limited
Telecom Repair Services Limited
Telecom Paging Limited
New Zealand Telecommunications Systems Support Centre Limited
Comtel Communications Limited
Telecom Corporation of New Zealand (Overseas Finance) Limited
TCNZ (UK) Investments Limited
Telecom Wellington Investments Limited
Telecom Operations Limited
Mokuso Holdings Limited
Telecom Insurance, Inc

In-substance subsidiaries

Netway Communications Limited

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Related Party Transactions, Group Restructuring, Telecom Wellington Limited, Telecom New Zealand International Limited, Fellow Subsidiaries

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