New Zealand Gazette – 1992 – No. 205

Page 4553

✨ Telecom Financial Statements



18 DECEMBER NEW ZEALAND GAZETTE 4553

TELECOM AUCKLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

7 FIXED ASSETS (Continued)

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 substantially all 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, with binding effect, 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 of New Zealand 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.

8 ACCOUNTS PAYABLE AND ACCRUALS

30 September 31 March
1992 1991 1992
$000’s $000’s $000’s
Trade accounts payable and accruals 16,000 25,959 21,602
Accrued personnel costs 14,763 23,095 16,830
Rentals billed in advance 12,107 12,162 13,123
Payable to fellow subsidiary companies 24,784 40,131 65,614
Payable to parent company 9,525 57,034 14,262
Total 77,179 158,381 131,431

Interest rates on the parent company current account ranged from 12.29% to 12.77% for the six months ended 30 September 1992. The parent company current account is repayable on demand.



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✨ LLM interpretation of page content

🏭 Financial Statements under Telecommunications (Disclosure) Regulations 1990 (continued from previous page)

🏭 Trade, Customs & Industry
Telecommunications, Financial Statements, Fixed Assets, Depreciation, Leaseback, Land Claims, Waitangi Tribunal, Wahi Tapu

🏭 Accounts Payable and Accruals

🏭 Trade, Customs & Industry
Financial Statements, Trade Accounts, Personnel Costs, Rentals, Subsidiary Companies, Parent Company