Annual Report 2009/10 - Housing New Zealand
Annual Report 2009/10 - Housing New Zealand
Annual Report 2009/10 - Housing New Zealand
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housing new zealand corporation | notes to the financial statements continued26 Reconciliation of net profit after tax with cash flows from operating activitiesReconciliation from the net profit after tax to the net cash flows from operations.GROUP GROUP PARENT PARENTNet surplus after tax (675) 32 (18) 5Adjustments for:Depreciation 166 174 6 6Dividend received from subsidiaries 0 0 (31) (28)Intangibles amortisation 6 4 0 0Permanent diminution of asset values 6 <strong>10</strong> 1 0Asset impairment expense 8 8 3 8Other non-cash items 5 29 4 29(Gain)/loss on asset sales (1) (2) (2) 1Bad debt write off 3 0 0 0Deferred tax recognised 716 (24) 52 0<strong>Housing</strong> Innovation Fund received in advance 9 0 9 0Lease and mortgage sales provision (1) 0 (1) 0Total income statement items 917 199 41 16Increase/(decrease) in other provisions (1) (1) (1) (1)Increase/(decrease) in tax provisions 21 (8) (34) (8)Increase/(decrease) in mortgage insurance unearned premium reserve 11 5 11 5Increase/(decrease) in rent in advance 2 1 1 0Increase/(decrease) in accounts payable (<strong>10</strong>) (5) 30 (38)(Increase)/decrease in accounts receivable 7 (5) 11 (<strong>10</strong>)Total balance sheet movements 30 (13) 18 (52)Net cash from operating activities 272 218 41 (31)27 Commitments and contingenciesOperating lease commitments – the Group as lesseeThe Group has entered into commercial leases on 30 June 20<strong>10</strong> where it is not in the best interest of theGroup to purchase these assets.These leases have an average life of between three and six years with renewal terms included in the contracts.Renewals are at the option of the specific entity that holds the lease.20<strong>10</strong>($m)There are no restrictions placed upon the lessee by entering into these leases.Future minimum rentals payable under non-cancellable operating leases as at 30 June 20<strong>10</strong> are as follows:<strong>2009</strong>($m)20<strong>10</strong>($m)<strong>2009</strong>($m)GROUP GROUP PARENT PARENTWithin 1 year 55 62 4 3After 1 year but not more than 5 years 139 156 3 3More than 5 years 53 40 0 0Total 247 258 7 620<strong>10</strong>($m)<strong>2009</strong>($m)20<strong>10</strong>($m)<strong>2009</strong>($m)126 housing new zealand corporation | annual report <strong>2009</strong>/<strong>10</strong>
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