New Zealand Gazette – 1991 – No. 97

Page 2185

✨ Financial Statements Continuation



28 JUNE NEW ZEALAND GAZETTE 2185

TELECOM SOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

10 SHAREHOLDERS' EQUITY

1991 1990
$000's $000's
SHARE PREMIUM RESERVE
Balance at beginning of period 399,930 -
(Consisting of a premium of $9,999
on 39,997 redeemable preference shares)
Movements during period - 399,930
----------- -----------
399,930 399,930

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
$000's $000's
RETAINED EARNINGS
Balance at beginning of year 7,903 -
Net earnings 50,224 28,188
----------- -----------
58,127 28,188
Dividends (27,689) (20,285)
Balance at end of year 30,438 7,903

DIVIDENDS

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

1991 1990
$000's $000's
Interim dividends 27,689 -
Final dividend - 20,285
----------- -----------
27,689 20,285

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:

(in millions)
Payable within 1 year
Payable within 1-2 years
Payable within 2-3 years
Payable within 3-4 years
Payable within 4-5 years
Payable thereafter
-------------------------


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✨ LLM interpretation of page content

🏭 Telecom South Limited Notes to Financial Statements (continued from previous page)

🏭 Trade, Customs & Industry
Telecommunications, Financial Statements, Shareholders' Equity, Dividends, Operating Leases