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New Zealand Gazette – 1993 – No. 94

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✨ Financial Statements

1750

NEW ZEALAND GAZETTE

No. 94

TELECOM AUCKLAND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

13 CONTINGENT LIABILITIES (Continued)

Under certain of the agreements referred to above the Company together with the other guaranteeing subsidiaries has given a negative pledge that while any of the guaranteed indebtedness remains outstanding it will not, subject to certain exceptions, create or permit to exist any charge or lien over any of its assets.

14 RELATED PARTY TRANSACTIONS

RELATIONSHIP WITH PARENT AND FELLOW SUBSIDIARY COMPANIES

During the period the Company derived revenue (approximately 11.7%) from access fees, maintenance services and asset construction services provided to fellow subsidiaries. The Company also utilised network capacity and related services and group management services provided by fellow subsidiaries. Additionally, certain inventory and network assets were procured from and serviced by fellow subsidiaries. Such expenses represented approximately 17.6% of total operating expenses.

Outstanding intercompany balances as at 31 March 1993 are:

Intercompany receivable $32.5 million
Intercompany payable and current account $51.8 million
Intercompany term liabilities $353.0 million

With the exception of the current account and the term liability to parent company, the balances are payable on normal trading terms. The current account is on call and the term liability to parent company has no fixed date for repayment. No related party debts have been written off or forgiven during the year.

15 FELLOW SUBSIDIARY COMPANIES

At 31 March 1993 the principal fellow subsidiaries were as follows:

Telecom Central Limited Telecom Corporation of New Zealand (Overseas Finance) Limited
Telecom Wellington Limited TCNZ (UK) Investments Limited
Telecom South Limited TCNZ (United Kingdom) Securities Limited
Telecom Networks and Operations Limited TCNZ Financial Services Limited
Telecom New Zealand International Limited Telecom Wellington Investments Limited
Telecom Directories Limited Telecom Operations Limited
Telecom Equipment Supplies Limited TCNZ Equities Limited
Telecom Cellular Limited Teleco Insurance, Inc
Telecom Mobile Radio Limited Telecom Purchasing Limited
Telecom Repair Services Limited Jetstream Technology Limited
Telecom Paging Limited Netway Communications Limited
New Zealand Telecommunications Systems Support Centre Limited

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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, Contingent Liabilities, Related Party Transactions, Subsidiary Companies

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