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New Zealand Gazette – 1993 – No. 94

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✨ Telecommunications Financial Statements

1786
NEW ZEALAND GAZETTE
No. 94

TELECOM WELLINGTON LIMITED

NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)

16 RELATED PARTY TRANSACTIONS (Continued)

Outstanding intercompany balances as at 31 March 1993 are:

Intercompany receivable and current account $24.9 million
Intercompany payable $13.3 million
Intercompany term liabilities $329.8 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.

17 FELLOW SUBSIDIARY COMPANIES

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

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

18 SEGMENTAL REPORTING

The Company's principal business activity is the provision of telecommunication services, constituting more than 90% of total operating revenues, operating earnings and identifiable assets.

The Company's business is conducted predominantly in New Zealand and is therefore within one geographical area for reporting purposes.

19 SUBSEQUENT EVENTS

Telecom Wellington Limited has changed its name to Telecom New Zealand Limited effective from 1 April 1993.

As part of the strategic restructuring of Telecom, Telecom New Zealand Limited (formerly Telecom Wellington Limited) acquired the business and assets of Telecom Auckland Limited, Telecom Central Limited and its subsidiary, Telecom South Limited, Telecom Repair Services Limited, Telecom Equipment Supplies Limited, Telecom Networks and Operations Limited and Telecom Operations Limited at net book value, with effect from 1 April 1993.

Telecom New Zealand Limited now provides the services previously provided by these companies.

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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, Related Party Transactions, Segmental Reporting, Subsidiary Companies

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