New Zealand Gazette – 1992 – No. 97

Page 2251

✨ Financial Statements



29 JUNE NEW ZEALAND GAZETTE 2251

TELECOM WELLINGTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

12 SHAREHOLDERS’ EQUITY (Continued)

DIVIDENDS

Interim and final dividends declared from the retained earnings of the Company are as follows:

1992 1991
$000’s $000’s
Interim dividends 23,168 13,592
Final dividend - -
Total 23,168 13,592

13 COMMITMENTS

OPERATING LEASES

Operating lease commitments are mainly in respect of leases of land and buildings. Minimum rental commitments as at 31 March 1992 for all non-cancellable operating leases are:

(in millions)
Payable within 1 year 9.4
Payable within 1-2 years 8.9
Payable within 2-3 years 8.7
Payable within 3-4 years 8.2
Payable within 4-5 years 8.0
Payable thereafter 27.5
Total 70.7

CAPITAL COMMITMENTS

As at 31 March 1992 capital expenditure amounting to $1.7 million (31 March 1991: $14.6 million) has been committed under contractual arrangements.

14 CONTINGENT LIABILITIES

LAND CLAIMS

As stated in Note 9, interests in land included in assets purchased from the Crown may be subject to claims to the Waitangi Tribunal or may be deemed to be Wahi Tapu and, in either case, may be resumed by the Crown.

Certain claims have been brought or are pending against the Crown under the Treaty of Waitangi Act 1975. Some of these claims may affect land transfers to Telecom by the Crown and/or by Telecom to its subsidiary companies.

In the event that land is resumed by the Crown, there is provision for compensation to Telecom.

LAWSUITS AND OTHER CLAIMS

Various lawsuits, claims and investigations have been brought by or against the Company. The Board of Directors believes that in the event of an unfavourable outcome, such matters will not have a material adverse effect upon the Company’s financial position.



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✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Shareholders' Equity, Dividends, Commitments, Contingent Liabilities, Land Claims, Lawsuits