New Zealand Gazette – 1992 – No. 205

Page 4569

✨ Financial Statements



18 DECEMBER NEW ZEALAND GAZETTE 4569

TELECOM CENTRAL LIMITED AND SUBSIDIARY

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

5 ACCOUNTS RECEIVABLE AND PREPAID EXPENSES

                                                             30 September          31 March
                                                             1992                1991                1992
                                                             $000's              $000's              $000's

Accounts receivable, net of allowance for doubtful accounts
of $5.7 million (September 1991: $5.6 million,
March 1992: $6.2 million) 43,423 49,517 48,899
Unbilled rentals and tolls 12,082 24,639 16,762
Due from fellow subsidiary companies 2,038 1,520 2,230
Due from parent 43,548 - -
Prepaid expenses and other 977 496 366
102,068 76,172 68,257

6 OTHER ASSETS

Other assets include certain deferred expenditure amounting to $2.9 million (30 September 1991: $7.9
million, 31 March 1992: $5.4 million) incurred in relation to the installation of major computer systems. The
deferred costs relating to each phase of the system are charged to earnings over a period of two years from the
date upon which that phase of the system becomes fully operational. Deferred costs amortised during the six
months ended 30 September 1992 amounted to $3.1 million (30 September 1991: $3.3 million, 31 March
1992: $7.1 million).

In addition, at 30 September 1992, other assets include $1.2 million (30 September 1991: $1.8 million, 31
March 1992: $1.4 million) being advances to the Trustee of two employee share purchase plans. These share
purchase plans were established in July 1991 as part of the initial public offering and gave employees the
opportunity to invest in Telecom, financed by interest free and favourable interest rate loans repayable over a
three-year period.

The shares, which were purchased at the initial public offering price of $2 each, are held in trust for the
employee for a restrictive period of three years, during which time voting rights will be exercised by the
Trustee in its discretion.



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✨ LLM interpretation of page content

💰 Telecom Central Limited and Subsidiary Financial Statements (continued from previous page)

💰 Finance & Revenue
12 November 1992
Financial Statements, Accounts Receivable, Prepaid Expenses, Other Assets, Deferred Expenditure, Employee Share Purchase Plans