New Zealand Gazette – 1992 – No. 205

Page 4588

✨ Financial Statements



4588 NEW ZEALAND GAZETTE No. 205

TELECOM WELLINGTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

8 OTHER ASSETS (Continued)

In addition, at 30 September 1992, other assets include $0.6 million (30 September 1991: $1.1 million, 31 March 1992: $0.9 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.

9 FIXED ASSETS

30 September 31 March
1992 1991 1992
$000's $000's $000's
Telecommunication equipment:
- Cost 493,257 461,579 473,667
- Accumulated depreciation (231,386) (190,726) (209,263)
261,871 270,853 264,404
Capital work in progress 8,761 9,401 16,964
Land 41,881 41,904 41,903
Buildings:
- Cost 72,586 64,075 64,054
- Accumulated depreciation (13,430) (7,656) (8,993)
59,156 56,419 55,061
Other fixed assets:
- Cost 60,032 64,873 70,332
- Accumulated depreciation (27,239) (25,134) (28,447)
32,793 39,739 41,885
Total cost 676,517 641,832 666,920
Total accumulated depreciation (272,055) (223,516) (246,703)
Total net book value 404,462 418,316 420,217

Included in telecommunications equipment, at 30 September 1992, 30 September 1991 and 31 March 1992 respectively, is equipment (principally customer premises equipment) leased to customers under operating leases with a cost of $102.0 million, $102.7 million and $101.0 million, together with accumulated depreciation of $84.1 million, $74.3 million and $79.1 million.

During the period to 30 September 1992 there were reclassifications from other fixed assets of tools and plant, and fittings to telecommunications equipment and buildings respectively. Other fixed assets now include vehicles, office equipment, furniture and computer equipment.



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✨ LLM interpretation of page content

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

💰 Finance & Revenue
Financial Statements, Other Assets, Fixed Assets, Telecommunication Equipment, Land, Buildings, Depreciation, Net Book Value