Territory Stories

Annual report 2009, Territory Insurance Office

Details:

Title

Annual report 2009, Territory Insurance Office

Collection

Territory Insurance Office reports; Reports; PublicationNT

Date

2009

Description

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Notes

Date:2009-09

Language

English

Subject

Territory Insurance Office (N.T.); Territory Insurance Office (N.T.) -- Periodicals; Insurance, Accident -- Northern Territory; Insurance, Automobile -- Northern Territory; Insurance, No-fault Automobile -- Northern Territory

Publisher name

Territory Insurance Office

Place of publication

Darwin

Copyright owner

Check within Publication or with content Publisher.

Parent handle

https://hdl.handle.net/10070/247631

Citation address

https://hdl.handle.net/10070/575386

Page content

Territory Insurance Office Notes to the Financial Statements 30 June 2009 TIO Annual Report 2008/2009 86 32. Reconciliation of net profit to net cash inflow from operating activities 2009 2008 TIO TIO Insurance & Banking MAC Fund TIO TIO Insurance & Banking MAC Fund $000 $000 $000 $000 $000 $000 Net Profit (52,936) (11,807) (41,129) 9,448 1,581 7,867 Depreciation and amortisation expense 2,647 2,303 344 2,217 2,217 - Provision for impairment 279 249 30 (193) (218) 25 Changes in net market value of investments 39,956 6,147 33,809 47,285 10,850 36,435 Changes in net market value of investment properties - - - (3,961) - (3,961) Profit on Sale of Investment Securities 21,390 6,190 15,200 1,275 192 1,083 Profit on Sale of Investment Properties (1,404) - (1,404) (3,182) - (3,182) Loss on sale of non-current assets 31 31 - 15 15 - Selling expenses charged directly to profit and loss on sale of investment properties (345) - (345) (252) - (252) Changes in operating assets and liabilities: (Increase)/Decrease in receivables (4,352) (4,572) 220 (2,234) (1,042) (738) (Increase)/Decrease in reinsurance and other recoveries receivable (2,019) 1,476 (3,495) (5,442) (5,983) 541 (Increase)/Decrease in deferred acquisition costs 1,386 1,403 (17) 19 31 (12) Increase/(Decrease) in outstanding claims 24,228 (246) 24,474 4,744 7,494 (2,750) Increase/(Decrease) in derivatives 2,215 2,215 - (652) (652) - (Increase)/Decrease in net deferred broker charges 22 22 - 71 71 - (Increase)/Decrease in lease incentives 96 58 38 126 97 29 Increase/(Decrease) in unearned premiums 9,702 8,040 1,662 1,121 (74) 1,195 Increase/(Decrease) in payables 3,082 2,012 1,070 (3,376) (282) (3,548) Increase/(Decrease) in employee benefits and other liabilities (215) (215) - 229 229 - Increase/(Decrease) in provision for income tax payable (2,397) (2,397) - (8,196) (8,196) - Increase/(Decrease) in deferred tax liabilities (5,644) (5,644) - 210 210 - (Increase)/Decrease in deferred tax assets (380) (380) - (3,327) (3,327) - Increase/(Decrease) in GST payable 183 420 (237) 477 680 (203) Increase/(Decrease) in fixed rate repricing adjustment 239 239 - 173 173 - Net cash inflow from operating activities 35,764 5,544 30,220 36,595 4,066 32,529 Related party investing activities On 30 June 2009, 75% of the building located at 24 Mitchell Street was transferred from Insurance to the MAC fund. The amount of $31.35m is included in payments for plant and equipment in the Cash Flow Statement for the MAC fund and is included as proceeds from sale of plant and equipment in the Cash Flow Statement for Insurance and Banking.


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