44
NOTE 17: CONTINUED
2005
2004
$000's
$000's
Fair value
For all financial instruments the carrying amount is assessed as
being fair value.
NOTE 18: STATEMENT OF PERFORMANCE
The Statement of Corporate Intent, agreed between the
directors of City Care Ltd and the Christchurch City Council,
provided the following performance targets:
(1) Financial performance
Actual
Target
$000's
$000's
Operating revenues
82,267
64,800
Net operating profit after tax (NOPAT)
1,985
2,310
Shareholders' funds to total assets
41%
45%
(2) Non-financial performance
Maintenance and accreditation of:
ISO 9000 Quality management
Maintained
ISO 14001 Environmental management
Maintained
NZS 4801 Health & safety management
Maintained
ACC tertiary health and safety management
standard
Maintained
Enviromark diamond certification
Lapsed
Achieve unqualified financial audit report
Achieved
NOTE 19: DISCONTINUED ACTIVITIES
On 1 July 2005 the waste management business of City Care
Ltd was sold to Christchuch City Council.
Continuing
Activities
$000's
Disontinued
Activities
$000's
Total
$000's
Revenue
79,275
3,001
82,276
Operating surplus
before taxation
1,885
440
2,325
There were no discontinued activities in the year ended 30
June 2004.
NOTE 20: POST BALANCE DATE EVENTS
On 1 July 2005 the waste management business of City Care
Ltd was sold to Christchurch City Council. This resulted in a
capital gain of $2.85m.
This will improve the equity/total assets ratio by approximately 4.3%.
Other than this, no significant events have occurred since
balance date.
