New Zealand Gazette – 1991 – No. 97

Page 2136

✨ Financial Statements Continuation



2136 NEW ZEALAND GAZETTE No. 97

TELECOM AUCKLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

7. FIXED ASSETS (continued)

LAND CLAIMS

Under the Treaty of Waitangi Act 1975 all interests in land included in the assets purchased from the Crown may be subject to claims to the Waitangi Tribunal which has the power to recommend in appropriate circumstances that the land be resumed by the Crown in order that it be returned to Maori claimants. In the event that land is resumed by the Crown, compensation will be paid to Telecom under the provisions of the Public Works Act 1981. If this is insufficient to cover the loss certain additional compensation is payable under the provisions of the Sale and Purchase Agreement between Telecom and the Crown.

Under the State Owned Enterprises Act 1986 the Governor General may if satisfied that any land or interest in land held by Telecom is Wahi Tapu (being land of special spiritual, cultural or historical tribal significance) declare by order in Council that the land be resumed by the Crown, with compensation payable to Telecom under the provisions of the Public Works Act 1981.

Telecom would expect to negotiate with the new Maori owners for continued occupancy rights of any sites resumed by the Crown.

8. ACCOUNTS PAYABLE AND ACCRUALS

1991 1990
$000’s $000’s
Trade accounts payable and
accruals 32,650 47,709
Accrued personnel costs 34,320 20,683
Rentals billed in advance 14,472 13,616
Payable to fellow subsidiary
companies 22,687 39,672
Payable to parent company 174,356 85,825
278,485 207,505

9. LONG TERM DEBT

1991 1990
$000’s $000’s
Parent company loan 284,491 284,491

Interest rates on the parent company loan ranged from 13.56% to 14.28% for the year ended 31 March 1991.

The parent company loan has no fixed date for repayment.

10. SHAREHOLDERS’ EQUITY

SHARE PREMIUM RESERVE 1991 1990
$000’s $000’s
Balance at beginning of
period 464,614 -
(Consisting of a premium of
$9,999 on 46,466 redeemable
preference shares)
Movements during period - 464,614
464,614 464,614


Next Page →

PDF embedding disabled (Crown copyright)

View this page online at:


VUW Te Waharoa — PDF NZ Gazette 1991, No 97


NZLII — PDF NZ Gazette 1991, No 97




✨ LLM interpretation of page content

🏭 Telecom Auckland Limited Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
7 June 1994
Telecommunications, Fixed Assets, Financial Reporting, Land Claims, Accounts Payable, Long Term Debt, Shareholders' Equity