Annual Report

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64 Ausgrid and Controlled Entity Notes to financial statements For the year ended 30 June 2015 24. CAPITAL COMMITMENTS Capital commitments Commitments for the acquisition of property, plant and equipment contracted for at the reporting date but not recognised as liabilities, payable (including GST) Consolidated Entity & Ausgrid 2015 $M 2014 $M 102.9 162.0 GST credits 9.3 14.7 25. LEASES Operating Leases Leases as lessee Non‐cancellable operating leases are payable as follows: Consolidated Entity & Ausgrid Within twelve months 18.4 23.8 Twelve months or longer and not longer than five years 32.3 37.9 Longer than five years 8.6 157.7 Total (including GST) 59.3 219.4 2015 $M 2014 $M GST credits 5.4 19.9 Ausgrid leases various premises under operating leases including depot and office facilities, and a number of offices at interstate locations. Lease payments under these leases are subject to annual, bi‐annual or three yearly reviews to reflect market rentals. None of the Corporation’s operating leases include contingent rentals. There have been no properties sublet by the Corporation. Ausgrid leases its passenger fleet and some light commercial fleet under operating leases. The majority of the fleet leases are fully maintained leases and typically run for a period of 3 or 4 years dependant on business requirements. Ausgrid leases personal computers under operating leases. All personal computer leases are for a period of 3 years. Leases as lessor Ausgrid leases out its properties, including premises, land and communications towers, under operating lease agreements at market rentals, predominantly on a fixed term basis. The future minimum lease payments under non‐cancellable leases are as follows: Consolidated Entity & Ausgrid Within twelve months 4.5 19.5 Twelve months or longer and not longer than five years 5.8 6.4 Longer than five years # 6.8 6.9 Total (including GST) 17.1 32.8 2015 $M 2014 $M GST debits 1.5 3.0 #The leases greater than 5 years are mainly leases with no fixed term contract and are expected to continue for an indefinite period. A period of 10 years has been disclosed in the Note.
Ausgrid – <strong>Annual</strong> <strong>Report</strong> 2014/15 65 Finance Leases The Corporation has long term lease arrangements for land at Strathfield and Balgowlah. Ausgrid has reclassified these leases as finance leases from operating leases as at 30 June 2015. Lease payments relating to the Strathfield property is subject to three year review. The land lease at Balgowlah is prepaid. Commitments in relation to finance leases are payable as follows: Consolidated Entity & Ausgrid Within twelve months 1.5 Twelve months or longer and not longer than five years 5.9 Longer than five years 66.2 Minimum lease payments 73.6 2015 $M Future finance charges (56.4) Recognised as a liability 17.2 The present value of finance lease liabilities is as follows: Within twelve months 1.5 Twelve months or longer and not longer than five years 4.5 Longer than five years 11.2 Minimum lease payments 17.2 26. RECONCILIATION OF CASHFLOWS FROM OPERATING ACTIVITIES Consolidated Entity & Ausgrid Profit for the year 420.1 607.5 Add / (less) non‐cash items: Depreciation and amortisation 579.6 677.5 Amortisation of unrealised capital (debt) (4.4) 1.2 Capital contributions (94.5) (60.9) Finance costs capitalised (32.5) (51.5) Capital indexed bonds indexation 16.9 24.3 Impairment of trade receivables (0.7) 2.2 (Gain) / loss on disposal of property, plant and equipment 10.0 (35.1) Impairment / devaluation of non‐current assets 4.7 0.2 (Profit) / loss on disposal of other non‐current assets 0.3 (0.6) Loss on close out liability contracts – 1.1 (Increase) / decrease in fair value of financial instruments (1.1) 1.1 Changes in assets and liabilities: Decrease in trade and other receivables 97.6 47.6 (Increase) / decrease in operating related inventories (3.2) 1.7 Decrease in prepaid operating expenditure 14.7 0.4 Increase / (decrease) in accrued operating expenditure 77.0 (35.0) (Decrease) in provision for income taxes payable (54.7) (112.6) Increase / (decrease) in net deferred tax liabilities 28.2 (89.3) (Decrease) in other provisions (212.0) (82.2) (Decrease) in deferred revenue (12.4) (2.1) (Decrease) in customer security deposits (1.6) (1.1) Net cash from operating activities 832.0 894.4 2015 $M 2014 $M
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