New Zealand Gazette – 1992 – No. 97

Page 2229

✨ Financial Statements



29 JUNE NEW ZEALAND GAZETTE 2229

TELECOM CENTRAL LIMITED AND SUBSIDIARY

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

5 ACCOUNTS RECEIVABLE AND PREPAID EXPENSES

1992 1991
$000's $000's
Accounts receivable, net 48,899 54,421
Unbilled rentals and tolls 16,762 17,650
Due from fellow subsidiary companies 2,230 588
Prepaid expenses and other 366 165
68,257 72,824

6 OTHER ASSETS

Other assets include certain deferred expenditure amounting to $5.4 million (31 March 1991: $10.0 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 year ended 31 March 1992 amounted to $7.1 million (31 March 1991: $3.7 million).

In addition, at 31 March 1992, other assets include $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 Financial Notes (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Accounts Receivable, Prepaid Expenses, Other Assets, Deferred Expenditure, Employee Share Purchase Plans