Annual Report 2011 - Watercare

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Watercare Services Limited 2011 ANNUAL REPORT Notes to the financial statements (continued) for the year ended 30 June 2011 3. Operating Expenses group and Company Company 2011 2010 Notes $000 $000 Operating expenses include: Auditors’ remuneration - annual audit fees 470 180 - audit fee relating to integration of retail business 140 - - other assurance services provided 208 108 Directors’ fees Note 26, page 105 560 310 Environmentally significant costs - chemicals 9,329 9,813 - energy 13,544 9,442 Cost of consumables and spare parts consumed 3,184 8,928 Increase in provision for obsolescence of inventory 251 29 Operating leases and rent 3,010 2,628 Increase in provision for doubtful debts 1,313 - Bad debts written off 30 2 Salaries and wages - paid to employees 46,480 33,166 - capitalised on construction of property, plant and equipment (20,598) (19,429) - expensed in determining surplus or deficit for the year 25,882 13,737 Auditors’ remuneration for other assurance services included the review of financial and information systems. Prior year other assurance services included the review of the activities associated with the integration of Auckland water retailers and company financial and information systems. 4. Depreciation and Amortisation group and Company Company 2011 2010 $000 $000 Buildings 2,720 2,296 Pipelines 85,941 24,265 Tanks, tunnels, roads and reservoirs 12,984 10,740 Dams 1,910 1,749 Machinery 31,740 24,415 Motor vehicles 334 491 Office equipment 1,447 1,288 Network models 1,109 614 Computer software 4,693 2,383 Resource consents 748 514 Total depreciation and amortisation 143,626 68,755 5. Finance Costs group and Company Company 2011 2010 $000 $000 Interest on bank overdraft and borrowings, paid and payable 65,821 37,348 2011 Financial Report Capitalised interest on construction of property, plant and equipment (2011: 6.79%, 2010: 7.09%) (4,714) (5,835) Net finance costs 61,107 31,513 PAGE 82 Return to Contents page
Watercare Services Limited 2011 ANNUAL REPORT Notes to the financial statements (continued) for the year ended 30 June 2011 6. Revaluation of Derivative Financial Instruments group and Company Company 2011 2010 $000 $000 Interest rate swaps contracts loss 12,593 21,289 Forward foreign exchange contracts loss/(gain) 974 (806) Net revaluation loss 13,567 20,483 7. Operating Cash Flows group and Company Company 2011 2010 $000 $000 Reconciliation of net deficit after tax to net cash flows from operating activities Net deficit for the year (12,333) (27,709) Non-cash and non-operating items: Depreciation and amortisation 143,626 68,755 Redundant assets written off and gain or loss on disposal 2,556 2,704 Contributions towards cost of constructing property, plant and equipment (3,945) (1,111) Deferred tax 4,438 11,311 Movements in working capital: (Increase)/decrease in assets: Inventories (1,556) (745) Trade and other receivables 16,060 (1,194) Derivative financial instruments – asset (7,393) 8,369 Prepaid expenses 258 (823) Increase/(decrease) in liabilities: Trade and other payables 15,860 165 Derivative financial instruments – liability 20,960 12,114 Payables relating to investing activities 574 1,597 Provisions (3,070) 195 Other accrued expenses - 996 Net cash flows from operating activities 176,035 74,624 Comparative figures for the 2010 year have been adjusted to exclude GST to be consistent with the current year figures. PAGE 83 2011 Financial Report Return to Contents page
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Annual Report 2011 - Watercare

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