✨ Financial Statements
1278 NEW ZEALAND GAZETTE, No. 44 29 FEBRUARY 2008
(Notes to the Consolidated Financial Statements Continued)
| Group | Parent | |||
|---|---|---|---|---|
| 2007 | 2006 | 2007 | 2006 | |
| $000 | $000 | $000 | $000 |
10. Reconciliation of Net Surplus After Taxation with Net Operating Cash Flows
Net Surplus After Taxation | 3,883 | 3,841 | 4,083 | 3,697 |
Plus/(Less) Non Cash Items:
Depreciation | 1,860 | 1,779 | 1,746 | 1,707 |
| | | | |
Plus/(Less) Items Classified as Investing Activities
Loss on Sale of Property, Plant and Equipment | 46 | 22 | 45 | 21 |
Gain on Sale of Property, Plant and Equipment | - | - | - | - |
| 46 | 22 | 45 | 21 |
Plus/(Less) Movements in Working Capital Items:
(Increase)/Decrease in Receivables | 505 | (192) | (427) | 395 |
(Increase)/Decrease in Inventories | (5) | (2) | - | - |
(Decrease)/Increase in Accounts Payable | 282 | 101 | 13 | 49 |
| 782 | (93) | (414) | 444 |
Net Cash Flows from Operating Activities | 6,571 | 5,549 | 5,460 | 5,869 |
11. Contingent Liabilities
There are no contingent liabilities as at 31 March 2007 (2006: Nil).
12. Financial Instruments
Off Balance Sheet Financial Instruments -
The Line Business does not have any off balance sheet financial instruments.
Credit Risk
Credit risk is the risk that a third party will default on its obligation to the Line Business, causing the Line Business to incur a loss.
Financial instruments which potentially subject the Line Business to credit risk principally consist of cash, short-term deposits and accounts receivable. Bank deposits are placed with high credit quality financial institutions. The Line Business performs credit evaluations on all customers requiring credit and generally does not require collateral.
Maximum exposures to credit risk at balance date are:
| 2007 | 2006 | 2007 | 2006 | |
|---|---|---|---|---|
| Current Account | 4,532 | 1,968 | 1,592 | - |
| Short Term Deposits | - | 410 | - | 410 |
| Receivables | 815 | 1,321 | 1,314 | 774 |
| Total | 5,347 | 3,699 | 2,906 | 1,184 |
The above exposures are net of any recognised provision for losses on these financial instruments.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2008, No 44
Gazette.govt.nz —
NZ Gazette 2008, No 44
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