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New Zealand Gazette – 1991 – No. 97

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✨ Telecom South Limited Financial Statements

28 JUNE
NEW ZEALAND GAZETTE
2187

TELECOM SOUTH 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:

Intercompany Receivable $3.1 million
Intercompany Payable and current account $56.9 million
Intercompany Term Liabilities $244.9 million

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 Auckland Limited
Telecom Central Limited
Telecom Wellington 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

NZLII — NZ Gazette 1991, No 97

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsTelecommunications, Financial Statements, Related Party Transactions, Intercompany Balances, Fellow Subsidiaries

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