42
2005
2004
$000's
$000's
NOTE 10: BANK OVERDRAFT
187
-
The bank overdraft is secured by way of debenture over
the assets of the Company. The overdraft facility available is
$500,000.
The current interest rate on the Company's bank overdraft is
9.0% (2004: 9.35%)
NOTE 11: BANK LOAN
Current
400
400
One to two years
10,433
5,100
Two to five years
500
1,200
Total bank loan
11,333
6,700
The bank loan is secured by way of debenture over the assets
of the Company. The facility available is $14,833,000.
The current interest rate on the Company's bank loan is
between 6.97% and 7.35% (2004: 6.35% and 6.97%)
NOTE 12: LEASE LIABILITIES
Finance lease liabilities
Less than one year
138
292
One to two years
90
251
Two to five years
138
368
Over five years
-
19
366
930
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
1,525
1,809
Add/(less) non-cash items:
Depreciation and amortisation
3,553
2,889
Decrease/(increase) in deferred
taxation
55
71
Increase/(decrease) in employee
entitlements
497
246
Total non-cash items
4,105
3,206
NOTE 13: CONTINUED
2005
2004
$000's
$000's
Add/(less) item classified as
investment activity:
Net loss/(gain) on sale of fixed
assets
(10)
(106)
Add/(less) movements in working
capital items:
(Increase)/decrease in accounts
receivable and prepayments
(3,933)
(2,685)
(Increase)/decrease in inventories
and work-in-progress
(533)
(636)
Increase/(decrease) in accounts
payable and accruals
1,520
1,486
Increase/(decrease) in taxation
provision
(94)
(230)
Working capital movement - net
(3,040)
(2,065)
Net cash (outflow)/inflow from
operating activities
2,580
2,844
NOTE 14: CONTINGENT ASSETS AND LIABILITIES
(a) The Company has arranged with Bank of New Zealand for
the issue of performance related bonds in favour of:
Local Authorities
3,032
1,883
Transit New Zealand
182
-
Other
48
26
3,262
1,909
(b) Deferred acquistion payment
In addition to the payment of $200,000 provided in note 9, there
is provision for a further $200,000 to be paid dependent upon
the achievement of agreed financial criteria, by March 2007.
(c) There are no other contingent assets or liablities as at
balance date.
