New Zealand Gazette – 1991 – No. 194

Page 4046

✨ Financial Statements



4046 NEW ZEALAND GAZETTE No. 194

TELECOM SOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

7 FIXED ASSETS

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

Telecommunication equipment:

  • Cost | 963,895 | 847,659 | 923,002 |
  • Accumulated depreciation | (313,794) | (256,938) | (294,485) |
    | 650,101 | 590,721 | 628,517 |

Capital work in progress | 49,240 | 100,341 | 96,231 |

Land | 37,678 | 38,356 | 38,055 |

Buildings:

  • Cost | 91,700 | 67,664 | 69,533 |
  • Accumulated depreciation | (12,269) | (9,498) | (10,915) |
    | 79,431 | 58,166 | 58,618 |

Other fixed assets:

  • Cost | 101,135 | 81,239 | 92,483 |
  • Accumulated depreciation | (42,062) | (34,093) | (38,225) |
    | 59,073 | 47,146 | 54,258 |

Total cost | 1,243,648 | 1,135,259 | 1,219,304 |
Total accumulated depreciation| (368,125) | (300,529) | (343,625) |
Total net book value | 875,523 | 834,730 | 875,679 |

Included in telecommunications equipment, at 30 September 1991, 30 September 1990 and 31 March 1991 respectively, is equipment (principally customer premises equipment) leased to customers under operating leases with a cost of $121.4 million, $113.6 million and $117.1 million, together with accumulated depreciation of $89.7 million, $66.6 million and $78.3 million.

Other fixed assets include tools and plant, vehicles, office equipment, furniture and fittings and computer equipment.

During the six months ended 30 September 1991, the Company entered into a sale and leaseback of telecommunications equipment with a fellow group company. At 30 September 1991, assets capitalised under finance leases associated with this transaction had a cost of $34.6 million and accumulated depreciation of $0.3 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 approximately 90% of the freehold interests have now been issued and, for the remainder, equitable ownership rests with the Group.



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✨ 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, Fixed Assets, Telecommunication Equipment, Land, Buildings, Depreciation, Leaseback, Telecom South Limited