✨ Financial Statements
29 JUNE NEW ZEALAND GAZETTE 1801
TELECOM SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
11 SHAREHOLDERS' EQUITY (Continued)
Dividends declared apply to redeemable preference shares as if they were ordinary shares. On winding up of the company preference shareholders rank in priority to ordinary shareholders in respect of outstanding dividends and the issue price of the redeemable preference shares. The redeemable preference shares are subject to redemption, at the issue price five days after written notice from the holder.
CAPITAL REDEMPTION RESERVE
| 1993 | 1992 | |
|---|---|---|
| $000's | $000's | |
| Balance at beginning of period | 2 | - |
| Movements during the period | ||
| - Transfer from retained earnings | 1 | 2 |
| 3 | 2 |
RETAINED EARNINGS
| 1993 | 1992 | |
|---|---|---|
| $000's | $000's | |
| Balance at beginning of year | 44,139 | 30,438 |
| Net earnings | 18,412 | 60,526 |
| Transfer to capital redemption reserve | (1) | (2) |
| Dividends | (52,077) | (46,823) |
| 10,473 | 44,139 |
DIVIDENDS
Interim and final dividends declared from the retained earnings of the Company are as follows:
| 1993 | 1992 | |
|---|---|---|
| $000's | $000's | |
| Interim dividends | 21,610 | 46,823 |
| Final dividend | 30,467 | - |
| 52,077 | 46,823 |
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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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Notes to the Financial Statements for Telecom South Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Shareholders' Equity, Dividends, Capital Redemption Reserve, Retained Earnings