New Zealand Gazette – 1991 – No. 97

Page 2151

✨ Financial Statements



28 JUNE NEW ZEALAND GAZETTE 2151

TELECOM CENTRAL LIMITED AND SUBSIDIARY

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

1991 1990
$000's $000's

7 FIXED ASSETS

Telecommunication equipment:

  • Cost 982,448 439,310
  • Accumulated depreciation (317,514) (129,962)
    664,934 309,348

Capital work in progress 54,724 35,017

Land 19,327 10,757

Buildings:

  • Cost 106,764 45,745
  • Accumulated depreciation (13,664) (4,633)
    93,100 41,112

Other fixed assets:

  • Cost 106,583 34,576
  • Accumulated depreciation (41,275) (13,939)
    65,308 20,637

Total cost 1,269,846 565,405
Total accumulated depreciation (372,453) (148,534)
Total net book value 897,393 416,871

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

Included in telecommunications equipment is equipment (principally customer premises equipment) leased to customers under operating leases with a cost of $105.5 million (1990: $49.9 million), together with accumulated depreciation of $69.9 million (1990: $29.3 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% (1990: less than 50%) of the freehold interests have now been issued and, for the remainder, equitable ownership rests with the Group.

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.



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✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
7 June 1991
Telecommunications, Financial Reporting, Fixed Assets, Depreciation, Land Claims