✨ Financial Statements Continuation
Interest rate risk
Interest rate risk exposure is limited to bank borrowings. The company has no interest risk hedge contracts.
Fair values
There were no differences between the fair value and carrying amounts of financial instruments as at 31 March 2003.
12. Reconciliation
of net profit after tax with cash inflow from operating activities
| 2003 | 2002 | |
|---|---|---|
| $000 | $000 |
Profit after taxation | 1,337 | 1,996 |
Add / (less) non-cash items
Depreciation | 1,013 | 926 |
Add item classified as investing activity
Capital Loss (gain) on sale of fixed assets | (12) | 10 |
Movements in working capital
Increase / (decrease) in accounts payable | (508) | 7 |
(Increase) / decrease in receivables | 231 | (244) |
Net cash inflow from operating activities | $2,061 | $2,695 |
13. Contingent liabilities
| 2003 | 2002 | |
|---|---|---|
| $000 | $000 |
a) Guarantee of bank facilities for a subsidiary to a limit of | 950 | 950 |
At balance date the amount of the bank facilities so guaranteed was | - | - |
b) At any point in time the company will be investigating complaints or queries about various aspects of the service it provides to customers, or end-customers. In a number of these, action may be taken against the company. At 31 March 2003 and 2002 there was legal action being taken against the company that remains unresolved. The Directors have been advised that the company has good defence against the action being taken against it and that no provision for any loss is required in the financial statements.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 110
Gazette.govt.nz —
NZ Gazette 2003, No 110
✨ LLM interpretation of page content
💰
Electra Limited Financial Statement
(continued from previous page)
💰 Finance & Revenue25 July 2003
Interest Rate Risk, Fair Values, Reconciliation, Contingent Liabilities, Financial Instruments