New Zealand Gazette – 1993 – No. 94

Page 1763

✨ Telecom Financial Statements



29 JUNE NEW ZEALAND GAZETTE 1763

TELECOM CENTRAL LIMITED AND SUBSIDIARY

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

7 FIXED ASSETS (Continued)

LAND CLAIMS

Under the Treaty of Waitangi Act 1975, all interests in land included in the assets purchased from the Crown may be subject to claims to the Waitangi Tribunal, which has the power to recommend in appropriate circumstances, with binding effect, that the land be resumed by the Crown in order that it be returned to Maori claimants. In the event that land is resumed by the Crown, compensation will be paid to Telecom under the provisions of the Public Works Act 1981. If this is insufficient to cover the loss, certain additional compensation is payable under the provisions of the Sale and Purchase Agreement between Telecom and the Crown.

Under the State Owned Enterprises Act 1986, the Governor General of New Zealand may if satisfied that any land or interest in land held by Telecom is Wahi Tapu (being land of special spiritual, cultural or historical tribal significance), may declare by Order in Council that the land be resumed by the Crown, with compensation payable to Telecom under the provisions of the Public Works Act 1981.

Telecom would expect to negotiate with the new Maori owners for continued occupancy rights of any sites resumed by the Crown.

8 PROVISION FOR RESTRUCTURING COSTS

1993 1992
Balance at beginning of year - -
Additions charged against earnings in year (Note 2) 82,314 -
Utilised in year (8,558) -
Balance at end of year 73,756 -

The amount utilised in the year ended 31 March 1993 includes redundancy costs of approximately $1.7 million (incurred in the fourth quarter) and property and asset writedowns of approximately $6.9 million.

9 ACCOUNTS PAYABLE AND ACCRUALS

1993 1992
Trade accounts payable and accruals 17,703 18,306
Accrued personnel costs 8,352 11,662
Rentals billed in advance 9,189 9,800
Payable to fellow subsidiary companies 13,165 22,307
Payable to parent company - 8,178
48,409 70,253


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✨ LLM interpretation of page content

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

🏭 Trade, Customs & Industry
Telecommunications, Financial Statements, Fixed Assets, Land Claims, Restructuring Costs, Accounts Payable