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New Zealand Gazette – 1991 – No. 97

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✨ Financial Statements Continuation

28 JUNE NEW ZEALAND GAZETTE 2169

TELECOM WELLINGTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

11 SHAREHOLDERS' EQUITY

	1991	1990
SHARE PREMIUM RESERVE	$000's	$000's
Balance at beginning of period	216,318	-
(Consisting of a premium of $9,999 on 21,634 redeemable preference shares)
Movements during period	-	216,318
	216,318	216,318

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.

	1991	1990
RETAINED EARNINGS	$000's	$000's
Balance at beginning of year	19,155	-
Net earnings	40,671	58,778
Dividends	(13,592)	(39,623)
Balance at end of year	46,234	19,155

DIVIDENDS

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

	1991	1990
	$000's	$000's
Interim dividends	13,592	19,400
Final dividend	-	20,223
	13,592	39,623

12 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:

(in millions)

Payable within 1 year 11.8
Payable within 1-2 years 11.3
Payable within 2-3 years 10.8
Payable within 3-4 years 10.6
Payable within 4-5 years 9.8
Payable thereafter 50.4

                       $104.7

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VUW Te Waharoa — NZ Gazette 1991, No 97

NZLII — NZ Gazette 1991, No 97

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
Dated7 June 1991
KeywordsTelecommunications, Financial Reporting, Investment, Fixed Assets, Depreciation

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