Reconciliation of Net Cash Flows From Operations and the Operating Balance (for the year ended 30 June 2005)
| Forecast | Actual | |||
|---|---|---|---|---|
| Original Budget $m | Estimated Actual $m | 30 June 2005 $m | 30 June 2004 $m | |
| Reconciliation Between the Net Cash Flows from Operations and the Operating Balance | ||||
| 7,088 | 11,654 | Net Cash Flows from Operations | 12,189 | 8,994 |
| Items included in the operating balance but not in net cash flows from operations | ||||
| Valuation Changes | ||||
| 57 | (1,404) | (Increase)/decrease in pension liabilities | (1,410) | 315 |
| (598) | (2,037) | (Increase)/decrease in ACC liabilities | (2,037) | (170) |
| - | (53) | (Increase)/decrease NPF guarantee | (53) | (9) |
| - | - | (Decrease)/increase in commercial forests | (23) | (40) |
| - | 93 | Unrealised net foreign-exchange (losses)/gains | 4 | (225) |
| 425 | 894 | Other valuation changes | 1,020 | 648 |
| (116) | (2,507) | Total Valuation Changes | (2,499) | 519 |
| Property, Plant and Equipment Asset Movements | ||||
| (2,535) | (2,530) | Depreciation | (2,528) | (2,347) |
| - | - | (Loss)/gains on sale of physical assets | (2) | 15 |
| (2,535) | (2,530) | Total Property, Plant and Equipment Movements | (2,530) | (2,332) |
| Other Non-Cash Items | ||||
| (5) | (185) | Student loans | (188) | (80) |
| (47) | (96) | Amortisation of goodwill | (97) | (78) |
| 409 | 631 | Other | 133 | 139 |
| 357 | 350 | Total Other Non-Cash Items | (152) | (19) |
| Movements in Working Capital | ||||
| 106 | (263) | (Decrease)/increase in taxes receivable | (202) | 468 |
| 293 | (222) | Increase/(decrease) in other receivables | 498 | (24) |
| 70 | 50 | Increase/(decrease) in inventories | 58 | 48 |
| 408 | (756) | (Increase)/decrease in payables | (1,115) | (230) |
| 877 | (1,191) | Total Movements in Working Capital | (761) | 262 |
| 5,671 | 5,776 | Operating Balance | 6,247 | 7,424 |
The accompanying notes and accounting policies are an integral part of these statements.
