44
45
2004
2003
$000's
$000's
NOTE 12: LEASE LIABILITIES
Finance lease liabilities
Less than one year
292
218
One to two years
251
200
Two to five years
368
355
Over five years
19
66
930
839
Finance lease liablities are related to the lease of vehicles.
NOTE 13: RECONCILIATION OF NET SURPLUS
AFTER TAXATION WITH NET CASH FLOW FROM
OPERATING ACTIVITIES
Net Surplus after taxation
1,809
2,197
Add/(less) non-cash items
Depreciation & amortisation
2,889 2,636
Decrease/(increase) in deferred taxation 71
(42)
Increase/(decrease)
246
165
in employee entitlements
Total non-cash items
3,206 2,759
Add/(less) item classified as investment activity
Net loss/(gain) on sale of fixed assets (106)
(283)
Add/(less) movements in working capital items:
(Increase)/decrease in accounts
(2,685)
(582)
receivable and prepayments
(Increase)/decrease in inventories
(636)
(463)
and work-in-progress
Increase/(decrease) in accounts
1,486
436
payable and accruals
Increase/(decrease) in
(230)
(603)
taxation provision
Working capital movement - net
(2,065) (1,212)
Net cash (outflow)/inflow
2,844 3,461
from operating activities
NOTE 14: CONTINGENT ASSETS AND LIABILITIES
(a) The Company has arranged with the BNZ for the
issue of performance related bonds in favour of:
Local Authorities
1,883 1,245
Transit New Zealand
-
66
Other
26
24
1,909 1,335
2004
2003
$000's
$000's
NOTE 14: CONTINUED
(b) Debtor off-set arrangement
-
95
(c) There are no other contingent assets or liablities as
at balance date.
NOTE 15: COMMITMENTS
Capital Commitments
368
-
Operating lease commitments
Less than one year
1,050
729
One to two years
625
303
Two to five years
619
184
2,294 1,216
NOTE 16: RELATED PARTY TRANSACTIONS
(a) Intergroup transactions and balances
During the year the Company entered into various
transactions with Christchurch City Council (CCC) and
its subsidiary companies. The value of transactions and
balances with the Council and its related entities were
as follows:
Services provided to the CCC
39,553 40,788
Services received from the CCC
1,941 1,202
Rent and rates paid to the CCC
598
509
Accounts payable to the CCC
146
102
Accounts receivable from the CCC
6,524 5,899
Retentions receivable from CCC
346
129
Services provided to :
Christchurch International Airport
6
10
Lyttleton Port Company
4
34
Connetics
278
587
Services received from:
Orion
8
1
Lyttelton Port Company
20
17
Connetics
20
86
Christchurch International Airport
1
-
Accounts receivable from:
Christchurch International Airport
-
1
Connetics
17
35
