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New Zealand Gazette – 1993 – No. 94

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✨ Financial Statements

1764

NEW ZEALAND GAZETTE

No. 94

TELECOM CENTRAL LIMITED AND SUBSIDIARY

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

10 LONG TERM DEBT

	1993	1992
Parent company loan	254,882	255,223
Other loans
- Due to fellow group company	44,495	48,668
- Other	292	924
	44,787	49,592
- Less long term debt maturing within one year	(5,035)	(4,805)
	39,752	44,787
	294,634	300,010

Interest rates on the parent company loan ranged from 11.97% to 12.77% for year ended 31 March 1993. The parent company loan has no fixed date for repayment.

SCHEDULE OF MATURITIES - Other loans

Due 1 to 2 years	39,752	5,035
Due 2 to 3 years	-	39,752
Total due after one year	39,752	44,787

Other loans are for the finance lease obligations of office equipment, with average interest and principal paid monthly at 16% 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 Central 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 $9.9 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

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✨ LLM interpretation of page content

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

Domain🏭 Trade, Customs & Industry
KeywordsTelecommunications, Financial Statements, Long Term Debt, Lease Liability

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