✨ Financial Statements
1780 NEW ZEALAND GAZETTE No. 94
TELECOM WELLINGTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
8 OTHER ASSETS
Other assets include certain deferred expenditure amounting to $1.1 million (1992: $1.1 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 $0.6 million (1992: $0.5 million).
In addition, at 31 March 1993, other assets include $0.5 million (1992: $0.9 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 at its discretion.
9 FIXED ASSETS
| 1993 | 1992 | |
|---|---|---|
| $000's | $000's | |
| Telecommunication equipment: | ||
| - Cost | 494,228 | 473,667 |
| - Accumulated depreciation | (247,623) | (209,263) |
| 246,605 | 264,404 | |
| Capital work in progress | 8,069 | 16,964 |
| Land | 34,311 | 41,903 |
| Buildings: | ||
| - Cost | 54,897 | 64,054 |
| - Accumulated depreciation | (14,925) | (8,993) |
| 39,972 | 55,061 | |
| Other fixed assets: | ||
| - Cost | 59,163 | 70,332 |
| - Accumulated depreciation | (30,904) | (28,447) |
| 28,259 | 41,885 | |
| Total cost | 650,668 | 666,920 |
| Total accumulated depreciation | (293,452) | (246,703) |
| Total net book value | 357,216 | 420,217 |
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VUW Te Waharoa —
NZ Gazette 1993, No 94
NZLII —
NZ Gazette 1993, No 94
✨ LLM interpretation of page content
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Financial Statements under Telecommunications (Disclosure) Regulations 1990
(continued from previous page)
🏭 Trade, Customs & IndustryTelecommunications, Financial Statements, Notes, Other Assets, Fixed Assets, Deferred Expenditure, Employee Share Purchase Plans, Computer Systems, Telecommunication Equipment, Capital Work in Progress, Land, Buildings, Other Fixed Assets