New Zealand Gazette – 1991 – No. 97

Page 2137

✨ Telecom Financial Statements



28 JUNE NEW ZEALAND GAZETTE 2137

TELECOM AUCKLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

10. SHAREHOLDERS' EQUITY (continued)

Dividends declared apply to redeemable preference shares as if they were ordinary shares. On winding up of the company preference shareholders rank in priority to ordinary shareholders in respect of outstanding dividends and the issue price of the redeemable preference shares. The redeemable preference shares are subject to redemption, at the issue price five days after written notice from the holder.

RETAINED EARNINGS 1991 1990
$000's $000's
Balance at beginning of year 3,144 -
Net earnings 45,627 62,880
48,771 62,880
Dividends (17,023) (59,736)
Balance at end of year 31,748 3,144

DIVIDENDS

Interim and final dividends declared from the retained earnings of the Company are as follows:

1991 1990
$000's $000's
Interim dividends 17,023 18,600
Final dividend - 41,136
17,023 59,736

11. COMMITMENTS

OPERATING LEASES

Operating lease commitments are mainly in respect of leases of land and buildings. Minimum rental commitments as at 31 March 1991 for all non-cancellable operating leases are:

Payable within 1 year (in millions)
9.7
Payable within 1-2 years 10.3
Payable within 2-3 years 10.0
Payable within 3-4 years 9.7
Payable within 4-5 years 8.8
Payable thereafter 47.4
$95.9

CAPITAL COMMITMENTS

As at 31 March 1991 capital expenditure amounting to $50.0 million (1990: $64.8 million) has been committed under contractual arrangements.



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✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
7 June 1994
Telecommunications, Financial Reporting, Shareholders' Equity, Dividends, Operating Leases, Capital Commitments