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New Zealand Gazette – 1991 – No. 97

Page 2139

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✨ Financial Statements

28 JUNE NEW ZEALAND GAZETTE 2139

TELECOM AUCKLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

13 RELATED PARTY TRANSACTIONS

RELATIONSHIP WITH STATE OWNED ENTERPRISES AND GOVERNMENT DEPARTMENTS

The Company is wholly owned by Telecom Corporation of New Zealand Limited which in turn was owned by the Crown until 12 September 1990. During that time the Company undertook many transactions with other State Owned Enterprises and government departments which were carried out at arm’s length and in the normal course of business.

RELATIONSHIP WITH PARENT AND FELLOW SUBSIDIARY COMPANIES

During the period the Company derived revenue from access fees, maintenance services, and asset construction services provided to fellow subsidiaries. The company also utilised network capacity and related services and group management services provided by fellow subsidiaries. Additionally, certain inventory and network assets were procured from and serviced by fellow subsidiaries.

Outstanding intercompany balances as at 31 March 1991 are:

With the exception of the current account and the term liability, the balances are payable on normal trading terms. The current account is on call and the term liability has no fixed date for repayment. No related party debts have been written off or forgiven during the year.

14 FELLOW SUBSIDIARY COMPANIES

At 31 March 1991 the principal fellow subsidiaries of the Company were as follows:

Telecom Central Limited
Telecom Wellington Limited
Telecom South Limited
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
Telecom North Limited

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VUW Te Waharoa — NZ Gazette 1991, No 97

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Parliament House (depicted) was completed in 1918 and remains the primary seat of Parliament.

✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
Dated7 June 1994
KeywordsTelecommunications, Financial Reporting, Related Party Transactions, Subsidiaries, Intercompany Balances

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