✨ Financial Statements Notes
NEW ZEALAND GAZETTE
No. 94
TELECOM SOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
(CONTINUED)
13 CONTINGENT LIABILITIES (Continued)
(iv) $122.2 million under a deed of guarantee dated 27 March 1992 in respect of the issue of Mandatory Convertible Notes by a fellow subsidiary. Further performance based guarantees have also been given by the company.
Under certain of the agreements referred to above the Company together with the other guaranteeing subsidiaries has given a negative pledge that while any of the guaranteed indebtedness remains outstanding it will not, subject to certain exceptions, create or permit to exist any charge or lien over any of its assets.
14 RELATED PARTY TRANSACTIONS
RELATIONSHIP WITH PARENT AND FELLOW SUBSIDIARY COMPANIES
During the period the Company derived revenue (approximately 8.1%) from access fees, maintenance services and asset construction services provided to fellow subsidiaries. The Company also utilised network capacity and related services and group management services provided by fellow subsidiaries. Additionally, certain inventory and network assets were procured from and serviced by fellow subsidiaries. Such expenses represented approximately 19.4% of total operating expenses.
Outstanding intercompany balances as at 31 March 1993 are:
- Intercompany receivable and current account $78.7 million
- Intercompany payable $10.8 million
- Intercompany term liabilities $288.7 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.
15 FELLOW SUBSIDIARY COMPANIES
At 31 March 1993 the principal fellow subsidiaries were as follows:
Telecom Auckland Limited
Telecom Central Limited
Telecom Wellington Limited
Telecom Networks and Operations Limited
Telecom New Zealand International Limited
Telecom Directories Limited
Telecom Equipment Supplies Limited
Telecom Cellular Limited
Telecom Mobile Radio Limited
Telecom Repair Services Limited
Telecom Paging Limited
New Zealand Telecommunications Systems Support Centre Limited
Telecom Corporation of New Zealand (Overseas Finance) Limited
TCNZ (UK) Investments Limited
TCNZ (United Kingdom) Securities Limited
TCNZ Finance Limited
TCNZ Financial Services Limited
Telecom Wellington Investments Limited
Telecom Operations Limited
TCNZ Equities Limited
Teleco Insurance, Inc
Telecom Purchasing Limited
Jetstream Technology Limited
Netway Communications Limited
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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, Contingent Liabilities, Related Party Transactions, Fellow Subsidiary Companies, Telecom South Limited