Annual Report 2011 Australian Grand Prix Corporation

Notes to and Forming Part of the Financial Statementsfor the Financial Year Ended 30 June 2011Off – Balance Sheet financial instrumentsThe Corporation has not disclosed the net fair value payable for forward future commitmentsunder foreign exchange forward contracts and is exempted from doing so under Section 49 ofthe Australian Grands Prix Act 1994. Disclosure of this information would constitute a breach of theinternational agreements.17. Leases2011 2010$000’s$000’sOperating Lease CommitmentsOperating leases relate to office facilities.Non-cancellable operating leases payable:- Not longer than one year 531 415- Longer than one year but not longer than five years 279 211810 62618. CommitmentsThe Corporation has commitments associated with foreign exchange forward and options contracts(refer note 14).19. Contingent LiabilitiesThe Corporation received a Notice pursuant to section 264 of The Income Tax Assessment Act1936 requiring it to produce documents and furnish information to the Australian Taxation Office.The Corporation has responded to the Notice. The Corporation continues to cooperate with theAustralian Taxation Office in relation to the Notice and the Corporation’s response. The financialeffect (if any) cannot be quantified and the timing of the outcome of the audit cannot be specifieddue to the audit process still being in progress. (2010:nil)20. Reconciliation of net result for the period to netcash flows from operating activities.2011 2010$000’s$000’sNet result for the period (5,580) 13,330Non-cash movements:Capital works transferred to Parks Victoria 886 70(Gain)/loss on sale of non-current assets 48 (16)Depreciation and amortisation of non-current assets 1,616 2,645Movements in assets and liabilities:Decrease/(Increase) in receivables 3,092 (3,224)(Decrease)/Increase in payables (2,177) 1,109(Decrease)/Increase in provisions 82 70(Decrease)/Increase in deferred income 2,633 (185)(Decrease)/Increase in derivatives 4,591 (2,748)Net cash flows from/(used in) operating activities 5,191 11,051Australian Grand Prix Corporation Annual Report 2011 61