✨ Financial Statements
568 NEW ZEALAND GAZETTE, No. 25 15 FEBRUARY 2008
- Reconciliation of net surplus after taxation with net cash flow from operating activities
| 2007 $000 | 2006 $000 | |
|---|---|---|
| Net surplus after tax | 36,402 | 34,537 |
Non cash items:
| | | |
| Depreciation | 25,173 | 24,413 |
| Deferred tax | 6,536 | 5,943 |
| Asset write offs | 982 | 1,198 |
| Subsidised assets | (4,496) | (4,263) |
| Other | 210 | 210 |
Movements in other working capital items:
| (Increase)/decrease in accounts receivable | 190 | (598) |
| (Increase)/decrease in interest receivable | - | - |
| (Increase)/decrease in inventories | (339) | 217 |
| Increase/(decrease) in accounts payable | 2,673 | (3,593) |
| Increase/(decrease) in interest payable | - | - |
| (Increase)/decrease in tax asset | 2,457 | (220) |
Items classified as an investing activity:
| Net profit on sale of property, plant and equipment | (33) | (156) |
| Net cash inflow from operating activities | 69,755 | 57,688 |
- Contingent assets and liabilities
The company is a participating employer in the National Provident Fund's Defined Benefit Plan Contributors Scheme (the scheme) which is a multi-employer defined benefit scheme. If the other participating employers ceased to participate in the scheme, the company could be responsible for the entire deficit of the scheme. Similarly, if a number of employers ceased to participate in the scheme, the company could be responsible for an increased share of the deficit. The company estimates that during the next financial year the company's contribution to the scheme will be approximately $69,000 (2006 $120,000).
The Fund has advised that insufficient information is available to use defined benefit accounting as it is not possible to determine, from the terms of the scheme, the extent to which the deficit will affect future contributions by employers, as there is no prescribed basis for allocation.
As at 31 March 2006, the scheme had an estimated past service surplus of $16.5 million (5% of the estimated liabilities). This amount is exclusive of specified superannuation contribution withholding tax. This surplus was calculated by the actuary to the scheme using a discount rate equal to the expected return on the assets, but otherwise the assumptions and methodology were consistent with the requirements of NZ IAS 19. The actuary to the scheme has recommended the employer contribution continues at 2.0 times contributors' contributions at present. The 2.0 times is inclusive of specified superannuation contribution withholding tax. The equivalent information as at 31 March 2007 is not available at the date of preparation of these financial statements.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 25
Gazette.govt.nz —
NZ Gazette 2008, No 25
✨ LLM interpretation of page content
💰
Financial Instruments Fair Values
(continued from previous page)
💰 Finance & RevenueFinancial instruments, Fair value, Borrowings, Interest rate swap, Off-balance sheet risk, Interest rate risk
💰 Reconciliation of net surplus after taxation with net cash flow from operating activities
💰 Finance & RevenueNet surplus, Cash flow, Operating activities, Depreciation, Deferred tax, Asset write-offs
💰 Contingent assets and liabilities
💰 Finance & RevenueContingent assets, Contingent liabilities, National Provident Fund, Defined Benefit Plan, Employer contributions