New Zealand Gazette – 1992 – No. 97

Page 2247

✨ Financial Statements



29 JUNE NEW ZEALAND GAZETTE 2247

TELECOM WELLINGTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

5 ACCOUNTS RECEIVABLE AND PREPAID EXPENSES

1992 1991
$000's $000's
Accounts receivable, net 24,990 51,709
Unbilled rentals and tolls 18,636 13,498
Due from fellow subsidiary companies 2,141 10,846
Due from parent company 11,744 -
Prepaid expenses and other 720 939
Total 58,231 76,992

6 SHORT TERM INVESTMENTS

1992 1991
$000's $000's
Redeemable preference units 3,123 3,123
Total 3,123 3,123

7 INVESTMENTS

1992 1991
$000's $000's
Redeemable preference shares:
- Fellow subsidiary companies 215,520 54,000
Redeemable preference units 10,600 -
Total 226,120 54,000

8 OTHER ASSETS

Other assets include certain deferred expenditure amounting to $1.1 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 $0.5 million.

At 31 March 1992, other assets include $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.



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✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Accounts Receivable, Prepaid Expenses, Short Term Investments, Investments, Other Assets, Financial Statements