New Zealand Gazette – 1993 – No. 94

Page 1802

✨ Financial Statements Notes



1802
NEW ZEALAND GAZETTE
No. 94

TELECOM SOUTH LIMITED

NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)

12 COMMITMENTS

OPERATING LEASES
Operating lease commitments are mainly in respect of leases of land and buildings. Minimum rental commitments as at 31 March 1993 for all non-cancellable operating leases (excluding amounts provided for in respect of restructuring) are (in millions):

Payable within 1 year -
Payable within 1-2 years 0.5
Payable within 2-3 years 0.2
Payable within 3-4 years 0.2
Payable within 4-5 years 0.3
Payable thereafter 2.7

                       $3.9

CAPITAL COMMITMENTS
As at 31 March 1993 capital expenditure amounting to $12.5 million (1992: $21.8 million) has been committed under contractual arrangements.

13 CONTINGENT LIABILITIES

LAND CLAIMS
As stated in Note 7, interests in land included in assets purchased from the Crown may be subject to claims to the Waitangi Tribunal or may be deemed to be Wahi Tapu and, in either case, may be resumed by the Crown.

Certain claims have been brought or are pending against the Crown under the Treaty of Waitangi Act 1975. Some of these claims may affect land transferred to Telecom by the Crown and/or by Telecom to its subsidiary companies.

In the event that land is resumed by the Crown, there is provision for compensation to Telecom.



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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, Operating Leases, Capital Commitments, Contingent Liabilities, Land Claims