✨ Financial Statements
NEW ZEALAND GAZETTE
No. 94
TELECOM AUCKLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
10 LONG TERM DEBT
| 1993 | 1992 | |
|---|---|---|
| $000's | $000's | |
| Parent company loan | 285,791 | 286,091 |
| Other loans | ||
| - Due to fellow group company | 67,257 | 73,532 |
| - Other | 135 | 155 |
| 67,392 | 73,687 | |
| - Less long term debt maturing within one year | (7,157) | (6,075) |
| 60,235 | 67,612 | |
| 346,026 | 353,703 |
Interest rates on the parent company loan ranged from 11.97% to 12.77% for the year ended 31 March 1993. The parent company loan has no fixed date for repayment.
SCHEDULE OF MATURITIES - Other loans
| Due | 1993 | 1992 |
|---|---|---|
| Due 1 to 2 years | 60,157 | 7,377 |
| Due 2 to 3 years | 38 | 60,157 |
| Due 3 to 4 years | 40 | 38 |
| Due 4 to 5 years | - | 40 |
| Total due after one year | 60,235 | 67,612 |
Other loans are for the finance lease obligations of office equipment, with interest and principal paid monthly at 18.5% p.a., and telecommunication equipment, with an average interest rate for the period of 12.5% p.a.
LEASE LIABILITY
During the year ended 31 March 1993 Telecom Auckland entered into a sale and leaseback of fixed assets. The future rental obligations have been legally defeased, and the liability thus extinguished, by the payment of $10.6 million in cash to a third party in return for which that third party has assumed responsibility for repayment of the lease liability.
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VUW Te Waharoa —
NZ Gazette 1993, No 94
NZLII —
NZ Gazette 1993, No 94
✨ LLM interpretation of page content
🏭
Financial Statements under Telecommunications (Disclosure) Regulations 1990
(continued from previous page)
🏭 Trade, Customs & Industry13 May 1993
Telecommunications, Financial Statements, Long Term Debt, Interest Rates, Lease Liability, Sale and Leaseback