New Zealand Gazette – 1992 – No. 97

Page 2266

✨ Financial Statements



2266 NEW ZEALAND GAZETTE No. 97

TELECOM SOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

7 FIXED ASSETS

1992 1991
$000's $000's
Telecommunication equipment:
- Cost 1,003,223 923,002
- Accumulated depreciation (343,180) (294,485)
660,043 628,517
Capital work in progress 37,056 96,231
Land 35,186 38,055
Buildings:
- Cost 91,595 69,533
- Accumulated depreciation (10,004) (10,915)
81,591 58,618
Other fixed assets:
- Cost 112,785 92,483
- Accumulated depreciation (48,094) (38,225)
64,691 54,258
Total cost 1,279,845 1,219,304
Total accumulated depreciation (401,278) (343,625)
Total net book value 878,567 875,679

Included in telecommunications equipment, at 31 March 1992 and 31 March 1991 respectively, is equipment (principally customer premises equipment) leased to customers under operating leases with a cost of $117.6 million and $117.1 million, together with accumulated depreciation of $97.2 million and $78.3 million.

Other fixed assets include tools and plant, vehicles, office equipment, furniture and fittings and computer equipment.

During the year ended 31 March 1992, the Company entered into a sale and leaseback of telecommunications equipment with a fellow group company. At 31 March 1992, assets capitalised under finance leases associated with this transaction had a cost of $49.1 million and accumulated depreciation of $3.4 million.

REGISTRATION OF TITLE TO LAND

Certificates of title for freehold interests in land included in the assets purchased from the Crown are being progressively raised by the Crown and transferred to Group companies. Titles for substantially all of the freehold interests have now been issued and, for the remainder, equitable ownership rests with the Group.



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✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
27 May 1992
Financial Statements, Fixed Assets, Telecommunication Equipment, Land, Buildings, Depreciation, Operating Leases, Sale and Leaseback