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New Zealand Gazette – 1993 – No. 94

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✨ Telecommunications Financial Notes

29 JUNE NEW ZEALAND GAZETTE 1743

TELECOM AUCKLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

5. ACCOUNTS RECEIVABLE AND PREPAID EXPENSES

	1993	1992
	$000's	$000's
Accounts receivable, net of allowance for doubtful accounts of $3.5 million, (1992: $4.8 million)	52,648	60,720
Unbilled rentals and tolls	49,243	34,100
Due from fellow subsidiary companies	747	4,948
Due from parent company	31,717	-
Prepaid expenses and other	6,776	1,036
	141,131	100,804

6. OTHER ASSETS

Other assets include certain deferred expenditure amounting to $2.0 million (1992: $3.6 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 1993 amounted to $2.4 million (1992: $3.4 million).

In addition, at 31 March 1993, other assets include $1.1 million (1992: $2.2 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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VUW Te Waharoa — NZ Gazette 1993, No 94

NZLII — NZ Gazette 1993, No 94

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Financial Statements under Telecommunications (Disclosure) Regulations 1990 (continued from previous page)

Domain🏭 Trade, Customs & Industry
Dated13 May 1993
KeywordsTelecommunications, Financial Statements, Accounts Receivable, Prepaid Expenses, Deferred Expenditure, Employee Share Purchase Plans

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