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New Zealand Gazette – 1993 – No. 94

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✨ Financial Statements Continuation

1800

NEW ZEALAND GAZETTE

No. 94

TELECOM SOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

(CONTINUED)

10 LONG TERM DEBT

	1993 $000's	1992 $000's
Parent company loan	245,841	246,661
Other loans
-Due to fellow group company	42,899	47,618
-Less long term debt maturing within one year	(5,363)	(4,719)
	37,536	42,899
	283,377	289,560

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

SCHEDULE OF MATURITIES - Other loans

	1993 $000's	1992 $000's
Due 1 to 2 years	37,536	5,363
Due 2 to 3 years	-	37,536
Total due after one year	37,536	42,899

Other loans are for the finance lease obligations of telecommunication equipment, with average interest rate for the period of 12.5% p.a.

LEASE LIABILITY

During the year ended 31 March 1993 Telecom South 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 $7.5 million in cash to a third party in return for which that third party has assumed responsibility for repayment of the lease liability.

11 SHAREHOLDERS' EQUITY

SHARE PREMIUM RESERVE

	1993 $000's	1992 $000's
Balance at beginning of year (consisting of a premium of $9,999 on 37,997 redeemable preference shares)	379,932	399,930
Movements during the year
-Premium of $9,999 on 1,200 redeemable preference shares	(11,999)	-
-Premium of $9,999 on 2,000 redeemable preference shares	-	(19,998)
	367,933	379,932

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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

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

Domain🏭 Trade, Customs & Industry
KeywordsFinancial Statements, Long Term Debt, Interest Rates, Lease Liability, Shareholders' Equity, Share Premium Reserve

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