New Zealand Gazette – 1991 – No. 194

Page 4045

✨ Financial Statements Continuation



20 DECEMBER NEW ZEALAND GAZETTE 4045

TELECOM SOUTH 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 39,247 46,413 37,672
Unbilled rentals and tolls 19,369 18,444 16,825
Due from fellow subsidiary companies 1,503 14,022 3,130
Due from parent company 5,784 - -
Prepaid expenses and other 696 1,688 906
66,599 80,567 58,533

6 OTHER ASSETS

Other assets include certain deferred expenditure amounting to $5.3 million (30 September 1990: $7.3 million, 31 March 1991: $6.2 million) incurred in relation to the installation of major computer systems. The deferred costs relating to each phase of the system are charged to earnings over a period of two years from the date upon which that phase of the system becomes fully operational. Deferred costs amortised during the six months ended 30 September 1991 amounted to $1.9 million (30 September 1990: $0 million, for the year ended 31 March 1991 $1.5 million).

In addition, at 30 September 1991, other assets include $2.0 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 a restrictive period of three years, during which time voting rights will be exercised by the Trustee in its discretion.



Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1991, No 194


NZLII — PDF NZ Gazette 1991, No 194




✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
20 December 1991
Financial Statements, Accounts Receivable, Prepaid Expenses, Other Assets, Telecom South Limited