MetService - Annual Report 2011 - Crown Ownership Monitoring Unit

Financial statements
Notes to the financial statements for the year ended 30 June 2011 (cont.)
23. Reconciliation of net surplus with cash
FLOw from operating activities
Group 2011
$000s
Group 2010
$000s
Parent 2011
$000s
Parent 2010
$000s
Net Surplus / (Loss) for the Year 3,121 2,443 2,702 (161)
Non Cash / Non Operating Items
Depreciation and Amortisation 4,924 4,230 3,957 3,388
Loss on Sale of Fixed Assets 1 133 1 116
Change in Value of Option 38 17 – –
Change in Fair Value of Subsidiary 189 – – –
Share of Profits of Associates (15) (28) – –
Labour Capitalised (4,179) (2,831) (3,195) (2,606)
Increase / (Decrease) in Deferred Tax 61 721 (32) 735
Intercompany Dividends – – (7,000) (5,000)
Restoration Provision 9 (20) 9 (20)
TOTAL Non CASH Items 1,028 2,222 (6,260) (3,387)
Movements in Working Capital
(Increase) / Decrease in Receivables (390) 167 (298) 58
(Decrease) / Increase in Accounts Payable and Accruals 781 575 470 575
Decrease / (Increase) in Income Taxation Receivable 65 (287) (860) 2,449
(Increase) / Decrease in Inventories 116 (8) 116 (8)
Total Movement in Working Capital 572 447 (572) 3,074
Net CASH Generated by Operating ACTIVITIES 4,721 5,112 (4,130) (474)
24. operating lease expenses
The Group as Lessee:
Leasing arrangements
The Group leases land: operating leases over these properties give the Group the right to renew the lease subject to a redetermination of the lease
by the lessor. There are no renewal options or options to purchase in respect of plant and equipment held under operating leases.
Group 2011 Group 2010 Parent 2011 Parent 2010
$000s $000s $000s $000s
Non-Cancellable Operating Lease Commitments
Not Later than One Year 212 223 212 223
Later than One Year and Not Later than Five Years 483 487 483 487
Later than Five Years 1,089 878 1,089 878
1,784 1,588 1,784 1,588
Current year expense 980 946 841 824
46 Meteorological Service of New Zealand Ltd Annual Report 2011