New Zealand Gazette – 1993 – No. 94

Page 1798

✨ Financial Statements



1798

NEW ZEALAND GAZETTE

No. 94

TELECOM SOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

7 FIXED ASSETS

1993 $000's 1992 $000's
Telecommunication equipment:
- Cost 1,082,824 1,003,223
- Accumulated depreciation (423,055) (343,180)
659,769 660,043
Capital work in progress 30,220 37,056
Land 33,024 35,186
Buildings:
- Cost 107,269 91,595
- Accumulated depreciation (18,015) (10,004)
89,254 81,591
Other fixed assets:
- Cost 76,100 112,785
- Accumulated depreciation (41,632) (48,094)
34,468 64,691
Total cost 1,329,437 1,279,845
Total accumulated depreciation (482,702) (401,278)
Total net book value 846,735 878,567

At 31 March 1993 the net book value of freehold land and buildings exceeded the aggregate of the latest available government valuations, together with the cost of subsequent additions (excluding properties designated for disposal). Telecom South's properties consist primarily of special purpose network buildings. The economic value to Telecom South of these network buildings is not fully reflected in government valuations.

Included in telecommunications equipment, at 31 March 1993 and 31 March 1992 respectively, is equipment (principally customer premises equipment) leased to customers under operating leases with a cost of $120.8 million and $117.6 million, together with accumulated depreciation of $102.4 million and $97.2 million.

During the year to 31 March 1993 there were reclassifications from other fixed assets of tools and plant, and fittings to telecommunications equipment and buildings respectively. Other fixed assets now include vehicles, office equipment, furniture and computer equipment.

During the years ended 31 March 1992 and 31 March 1993, the Company entered into the sale and leaseback of telecommunications equipment with a fellow group company and a third party respectively. At 31 March 1993, assets capitalised under finance leases associated with these transactions had a cost of $56.1 million (1992: $49.1 million) and accumulated depreciation of $11.5 million (1992: $3.4 million).



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✨ LLM interpretation of page content

🏭 Notes to the Financial Statements for Telecom South Limited (continued from previous page)

🏭 Trade, Customs & Industry
Financial Statements, Fixed Assets, Telecommunication Equipment, Depreciation, Leaseback