✨ Financial Statements Notes
Notes to the financial statements (continued)
For the year ended 31 March 2002
| 2002 | 2001 | |
|---|---|---|
| $'000 | $'000 |
14) Net Cash Flow from Operating Activities
The following is a reconciliation between the surplus after taxation shown in the statement of financial performance and the net cash flow from operating activities.
Surplus after taxation | 2,361 | 3,963
Add/(less) non-cash items
Depreciation | 3,678 | 2,096
Decrease in future tax benefit | 2 | 2
Loss(gain) on disposal of assets | 264 | 85
Overhead recovered in fixed assets | (371) | -
| 3,573 | 2,183
Add/(less) movement in working capital
(Decrease)/increase in trade debtors and other receivables | (79) | 58
(Decrease)/increase in inventories | (265) | -
(Decrease)/increase in trade creditors and other payables | 1,398 | 536
(Decrease)/increase in Income Tax payable | 179 | (800)
Net cash flow from operations | 7,167 | 5,940
15) Transpower Dispute
During the year ended 31 March 2001 Transpower invoiced the Company $1,935,648 (plus GST) in respect of their costs to date in respect to the formerly proposed Frasertown - Gisborne transmission line. The Directors, having sought legal advice, disputed that the Company is liable for these costs. Both parties agreed to the appointment of mediator and a mediation hearing was held in July 2002. The outcome of the mediation resulted in an agreed settlement to avoid further costly litigation. Provision has been made in the Financial Statements for an estimation of this amount plus legal costs.
16) Contingent Liability
At 31 March 2002, the Company has a contingent liability of $98,549 (2001 $112,299) in respect of Subdivision Developers' Rebates on sections that are reticulated but undeveloped. The individual liabilities will be brought to charge as each section is developed and line charges become payable.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 117
Gazette.govt.nz —
NZ Gazette 2002, No 117
✨ LLM interpretation of page content
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Notes to the financial statements for Eastland Network Limited
(continued from previous page)
🏭 Trade, Customs & IndustryFinancial Statements, Cash Flow, Operating Activities, Transpower Dispute, Contingent Liability, Mediation, Legal Costs, Subdivision Developers' Rebates