✨ Financial Statements
2156 NEW ZEALAND GAZETTE No. 97
TELECOM CENTRAL LIMITED AND SUBSIDIARY
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
15 SEGMENTAL REPORTING
The company’s principal business activity is the provision of telecommunication services, constituting more than 90% of total operating revenues, operating earnings and identifiable assets.
The company’s business is conducted in New Zealand and is therefore within one geographical area for reporting purposes.
16 ACQUIRED SUBSIDIARY
As stated in Note 1 (a) Telecom Central Limited acquired with effect from 1 April 1990 the shares and net assets of Telecom Midland Limited. The effect of the acquisition on the assets and liabilities of the Company as at 1 April 1990 was:
Increase in Assets
| $ Million | |
|---|---|
| Cash, accounts receivable and prepayments | 95.1 |
| Prepaid taxation | 4.5 |
| Inventories | 14.5 |
| Fixed asset | 429.1 |
| 543.2 |
Increase in Liabilities and Shareholders’ Funds
| $ Million | |
|---|---|
| Accounts payable and accruals | 45.9 |
| Proposed dividends | 24.4 |
| Deferred tax provision | 1.7 |
| Pre-acquisition retained earnings | 12.2 |
| 84.2 | |
| 459.0 |
The purchase price was $373.8 for those net assets purchased and $85.2 million for the ordinary and preference shares acquired, with settlement to be in cash, funded by debt and shares.
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VUW Te Waharoa —
NZ Gazette 1991, No 97
NZLII —
NZ Gazette 1991, No 97
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Telecom Central Limited Financial Statements
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🏭 Trade, Customs & IndustryTelecommunications, Financial Reporting, Segmental Reporting, Acquired Subsidiary, Assets, Liabilities, Shareholders' Funds